Central Pacific Bank Trust Division Has $2.27 Million Stock Position in Starbucks Corporation $SBUX

Central Pacific Bank Trust Division lowered its stake in Starbucks Corporation (NASDAQ:SBUX) by 20.8% during the second quarter, Holdings Channel.com reports. The fund owned 24,771 shares of the coffee company’s stock after selling 6,504 shares during the period. Central Pacific Bank Trust Division’s holdings in Starbucks were worth $2,270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Starbucks in the fourth quarter valued at about $25,000. Hughes Financial Services LLC acquired a new stake in shares of Starbucks in the first quarter valued at about $27,000. CBIZ Investment Advisory Services LLC increased its position in shares of Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after acquiring an additional 159 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Starbucks in the first quarter valued at about $29,000. Finally, Nova Wealth Management Inc. increased its position in shares of Starbucks by 285.4% in the first quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company’s stock valued at $31,000 after acquiring an additional 234 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Down 0.6%

Shares of NASDAQ:SBUX opened at $81.90 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The stock has a market cap of $93.10 billion, a PE ratio of 35.30, a P/E/G ratio of 4.92 and a beta of 1.00. The business has a 50 day moving average of $90.45 and a 200-day moving average of $90.79.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The company’s revenue was up 3.8% on a year-over-year basis. Equities research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, August 15th. Starbucks’s payout ratio is 105.17%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler set a $105.00 price target on Starbucks and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Cowen reiterated a “hold” rating on shares of Starbucks in a report on Tuesday, June 24th. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 12th. CICC Research assumed coverage on Starbucks in a report on Monday, June 30th. They set an “outperform” rating and a $100.00 price target for the company. Finally, Stifel Nicolaus lifted their price target on Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and an average target price of $104.40.

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.