Parsons Capital Management Inc. RI Lowers Position in Starbucks Corporation $SBUX

Parsons Capital Management Inc. RI lessened its position in Starbucks Corporation (NASDAQ:SBUX) by 10.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,154 shares of the coffee company’s stock after selling 1,850 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Starbucks were worth $1,480,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new position in Starbucks during the 1st quarter valued at approximately $1,379,619,000. Jennison Associates LLC bought a new position in Starbucks during the 1st quarter valued at approximately $817,759,000. Polen Capital Management LLC bought a new position in Starbucks during the 1st quarter valued at approximately $503,539,000. Goldman Sachs Group Inc. increased its position in Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after buying an additional 3,589,537 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after buying an additional 3,545,655 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SBUX. Cowen reaffirmed a “hold” rating on shares of Starbucks in a research report on Tuesday, June 24th. Barclays raised their price objective on Starbucks from $106.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price objective (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Loop Capital set a $165.00 price objective on Starbucks in a research report on Tuesday, August 12th. Finally, UBS Group lifted their target price on Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $104.00.

Starbucks Stock Up 2.7%

Shares of Starbucks stock opened at $86.72 on Friday. The stock’s 50-day simple moving average is $87.72 and its 200-day simple moving average is $88.69. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The company has a market capitalization of $98.57 billion, a price-to-earnings ratio of 37.38, a PEG ratio of 4.15 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.29 billion. During the same quarter in the previous year, the firm earned $0.93 earnings per share. Starbucks’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current 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 $0.62 dividend. The ex-dividend date is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s dividend payout ratio (DPR) is presently 105.17%.

About Starbucks

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.