PNC Financial Services Group Inc. Has $89 Million Stock Holdings in Starbucks Corporation $SBUX

PNC Financial Services Group Inc. raised its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 971,342 shares of the coffee company’s stock after purchasing an additional 5,483 shares during the period. PNC Financial Services Group Inc. owned approximately 0.09% of Starbucks worth $89,004,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. United Asset Strategies Inc. grew its position in Starbucks by 3.4% in the second quarter. United Asset Strategies Inc. now owns 132,450 shares of the coffee company’s stock valued at $12,136,000 after acquiring an additional 4,320 shares during the last quarter. Wealth Alliance LLC lifted its holdings in shares of Starbucks by 3.9% during the second quarter. Wealth Alliance LLC now owns 13,793 shares of the coffee company’s stock worth $1,264,000 after purchasing an additional 519 shares during the period. M&G PLC increased its position in Starbucks by 17.3% during the 2nd quarter. M&G PLC now owns 186,120 shares of the coffee company’s stock valued at $17,123,000 after purchasing an additional 27,436 shares during the period. KBC Group NV boosted its position in Starbucks by 1.6% during the second quarter. KBC Group NV now owns 319,324 shares of the coffee company’s stock valued at $29,260,000 after acquiring an additional 5,024 shares during the last quarter. Finally, National Pension Service lifted its stake in Starbucks by 4.5% in the second quarter. National Pension Service now owns 2,530,352 shares of the coffee company’s stock valued at $231,856,000 after buying an additional 109,839 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SBUX. Zacks Research upgraded shares of Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Starbucks in a research report on Wednesday, October 8th. Barclays lowered their price objective on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 22nd. Citigroup reduced their price target on Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a research report on Thursday, October 30th. Finally, BTIG Research reissued a “buy” rating and issued a $105.00 price target on shares of Starbucks in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $101.44.

Starbucks Stock Performance

Shares of SBUX stock opened at $87.26 on Thursday. The firm has a market cap of $99.19 billion, a P/E ratio of 53.21, a P/E/G ratio of 4.28 and a beta of 1.02. The business’s 50 day moving average price is $83.79 and its 200-day moving average price is $87.56. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46.

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

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend 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 2.8%. Starbucks’s dividend payout ratio is presently 151.22%.

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.