NorthRock Partners LLC Cuts Stake in Starbucks Corporation $SBUX

NorthRock Partners LLC cut its stake in Starbucks Corporation (NASDAQ:SBUX) by 5.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,082 shares of the coffee company’s stock after selling 1,307 shares during the quarter. NorthRock Partners LLC’s holdings in Starbucks were worth $2,298,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SBUX. Nuveen LLC purchased a new position in Starbucks in the first quarter valued at about $1,379,619,000. Jennison Associates LLC purchased a new position in Starbucks in the first quarter valued at about $817,759,000. Polen Capital Management LLC purchased a new position in Starbucks in the first quarter valued at about $503,539,000. Goldman Sachs Group Inc. raised its position in Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares during the period. Finally, Wellington Management Group LLP raised its position in Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Down 1.7%

Shares of SBUX stock opened at $78.46 on Monday. The business has a 50 day moving average of $86.48 and a two-hundred day moving average of $87.87. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The company has a market cap of $89.19 billion, a P/E ratio of 33.82, a PEG ratio of 3.89 and a beta of 1.01.

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

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a dividend of $0.62 per share. This is a boost from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, November 14th. Starbucks’s payout ratio is presently 105.17%.

Wall Street Analyst Weigh In

SBUX has been the topic of a number of analyst reports. Cowen reaffirmed a “hold” rating on shares of Starbucks in a research report on Tuesday, June 24th. Morgan Stanley reaffirmed an “overweight” rating and set a $103.00 target price (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. Sanford C. Bernstein lifted their target price on Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Finally, Citigroup raised Starbucks from a “neutral” rating to a “mixed” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.56.

Starbucks 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.