Scotia Capital Inc. Trims Holdings in Starbucks Corporation $SBUX

Scotia Capital Inc. reduced its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 30.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,378 shares of the coffee company’s stock after selling 83,305 shares during the period. Scotia Capital Inc.’s holdings in Starbucks were worth $17,535,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. PUREfi Wealth LLC bought a new stake in Starbucks during the 2nd quarter valued at about $286,000. Narwhal Capital Management lifted its stake in shares of Starbucks by 39.6% in the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after buying an additional 9,282 shares in the last quarter. Napa Wealth Management purchased a new stake in shares of Starbucks during the first quarter valued at approximately $1,435,000. Morningstar Investment Management LLC bought a new stake in shares of Starbucks during the second quarter valued at approximately $653,000. Finally, Pegasus Asset Management Inc. purchased a new position in Starbucks in the 2nd quarter worth approximately $1,289,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $87.04 on Friday. The stock’s 50-day simple moving average is $84.06 and its two-hundred day simple moving average is $87.71. The stock has a market capitalization of $98.97 billion, a price-to-earnings ratio of 53.07, a PEG ratio of 4.28 and a beta of 1.02. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). The business had revenue of $9.57 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the company earned $0.80 EPS. As a group, equities analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 14th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is presently 151.22%.

Wall Street Analyst Weigh In

Several brokerages have commented on SBUX. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. UBS Group set a $94.00 price objective on Starbucks and gave the company a “neutral” rating in a research report on Tuesday, October 21st. TD Cowen reissued a “hold” rating and issued a $84.00 target price on shares of Starbucks in a research report on Thursday, October 30th. Royal Bank Of Canada set a $100.00 price target on shares of Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. Finally, Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 11,700 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $85.00 per share, with a total value of $994,500.00. Following the acquisition, the director owned 53,096 shares in the company, valued at $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.09% of the stock is owned by company insiders.

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.