Bank of New York Mellon Corp Trims Holdings in Starbucks Corporation $SBUX

Bank of New York Mellon Corp trimmed its position in Starbucks Corporation (NASDAQ:SBUX) by 2.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,006,377 shares of the coffee company’s stock after selling 212,884 shares during the quarter. Bank of New York Mellon Corp’s holdings in Starbucks were worth $733,624,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Alliance Wealth Advisors LLC raised its stake in shares of Starbucks by 2.1% in the second quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock worth $474,000 after purchasing an additional 108 shares during the last quarter. Brown Lisle Cummings Inc. raised its stake in shares of Starbucks by 1.4% in the second quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock worth $760,000 after purchasing an additional 117 shares during the last quarter. Diligent Investors LLC raised its stake in shares of Starbucks by 1.9% in the second quarter. Diligent Investors LLC now owns 6,132 shares of the coffee company’s stock worth $562,000 after purchasing an additional 117 shares during the last quarter. Ted Buchan & Co raised its stake in shares of Starbucks by 1.5% in the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock worth $791,000 after purchasing an additional 120 shares during the last quarter. Finally, Alexander Labrunerie & CO. Inc. raised its stake in shares of Starbucks by 3.5% in the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company’s stock worth $349,000 after purchasing an additional 122 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Up 0.1%

Starbucks stock opened at $80.96 on Tuesday. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The business’s 50-day moving average price is $84.33 and its 200 day moving average price is $87.51. The firm has a market cap of $92.03 billion, a price-to-earnings ratio of 49.37, a price-to-earnings-growth ratio of 4.28 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The business had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same period in the previous year, the business posted $0.80 earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 3.1%. Starbucks’s dividend payout ratio is 151.22%.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several research analyst reports. Morgan Stanley set a $105.00 price objective on Starbucks and gave the stock an “overweight” rating in a research note on Monday, October 20th. Royal Bank Of Canada set a $100.00 target price on Starbucks and gave the stock an “outperform” rating in a report on Thursday. Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Loop Capital set a $165.00 target price on Starbucks in a report on Tuesday, August 12th. Finally, BTIG Research reaffirmed a “buy” rating and set a $105.00 target price on shares of Starbucks in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.50.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.