Starbucks Corporation $SBUX Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,131 shares of the coffee company’s stock after selling 3,461 shares during the period. King Luther Capital Management Corp’s holdings in Starbucks were worth $3,952,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in SBUX. Vanguard Group Inc. increased its holdings in shares of Starbucks by 0.9% during the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock valued at $10,991,923,000 after acquiring an additional 953,361 shares in the last quarter. Wellington Management Group LLP grew 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 worth $1,904,366,000 after purchasing an additional 3,545,655 shares during the last quarter. Nuveen LLC acquired a new position in Starbucks during the 1st quarter valued at approximately $1,379,619,000. Goldman Sachs Group Inc. raised its holdings in shares of Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock worth $943,948,000 after buying an additional 3,589,537 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in shares of Starbucks during the first quarter worth $817,759,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SBUX shares. Wells Fargo & Company set a $100.00 target price on Starbucks and gave the company an “overweight” rating in a research report on Thursday, October 16th. Dbs Bank downgraded Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday. BTIG Research restated a “buy” rating and issued a $105.00 price objective on shares of Starbucks in a research note on Thursday, October 30th. Loop Capital set a $165.00 target price on Starbucks in a report on Tuesday, August 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Starbucks in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $100.50.

Starbucks Stock Down 1.1%

Shares of SBUX stock opened at $84.60 on Tuesday. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The stock has a market cap of $96.16 billion, a PE ratio of 51.59, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02. The business has a 50-day simple moving average of $83.85 and a 200-day simple moving average of $87.54.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results 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). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The company had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. During the same quarter in the prior year, the business posted $0.80 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. Sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a $0.62 dividend. The ex-dividend date is Friday, November 14th. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. This is an increase from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio (DPR) 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.