Canvas Wealth Advisors LLC has lowered its position in shares of Starbucks Co. by 22.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,990 shares of the coffee company’s stock after selling 585 shares during the period. Canvas Wealth Advisors LLC’s holdings in Starbucks were worth $205,000 at the end of the most recent reporting period.
Other hedge funds and institutional investors have also bought and sold shares of Starbucks. Sound Income Strategies LLC grew its position in Starbucks by 124.7% during the second quarter. Resources Investment Advisors LLC lifted its holdings in Starbucks by 18.8% during the first quarter. BMS Financial Advisors LLC lifted its holdings in Starbucks by 4.8% during the first quarter. Rothschild Investment Corp IL lifted its holdings in Starbucks by 10.0% during the second quarter. Finally, Aveo Capital Partners LLC lifted its holdings in Starbucks by 23.6% during the first quarter. Institutional investors now own 70.13% of the company’s stock.
Starbucks Stock Performance
Shares of Starbucks (NASDAQ:SBUX) opened at $92.85 on Friday. The stock has a 50-day moving average price of $96.57 and a 200-day moving average price of $100.54. The firm has a market capitalization of $106.35 billion, a P/E ratio of 28.31, a P/E/G ratio of 1.39, and a beta of 0.94. Starbucks Co. has a 52-week low of $82.43 and a 52-week high of $115.48.
Last quarter, Starbucks reported $1.00 EPS, beating analysts’ estimates of $0.95. The firm had revenue of $9.17 billion during the quarter, compared to analyst estimates of $9.29 billion. The company’s revenue for the quarter was up 12.5% year-over-year. Starbucks is expected to post 3.46 earnings per share for the current year.
Starbucks Increases Dividend
Starbucks recently announced a quarterly dividend of $0.57 per share, which marks an increase from its previous dividend of $0.53 per share. The dividend will be paid on November 24th to shareholders of record on November 10th. This represents an annualized dividend of $2.28 and a yield of 2.46%. The ex-dividend date for this dividend is November 9th. Starbucks’s payout ratio is currently 64.63%.
Wall Street Analysts’ Views on Starbucks
Several brokerages have commented on SBUX. Wells Fargo & Company lowered their target price on Starbucks from $125.00 to $120.00 and set an “overweight” rating on the stock. Barclays also lowered their target price on Starbucks from $127.00 to $123.00 and set an “overweight” rating. TD Cowen downgraded Starbucks from an “outperform” rating to a “market perform” rating and dropped their price target from $117.00 to $107.00. Stephens reissued an “equal weight” rating and issued a $110.00 price target. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $104.00 price target. Ten equities research analysts have rated the stock as a hold and eleven have given it a buy rating.
Starbucks Corporation is a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer a variety of coffee and tea beverages, roasted whole beans and ground coffees, single-serve products, and ready-to-drink beverages. They also sell various food products, including pastries, breakfast sandwiches, and lunch items.
Sources:
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Definitions:
– NASDAQ:SBUX – The stock symbol for Starbucks Corporation in the NASDAQ stock exchange.
– Securities & Exchange Commission – A U.S. government agency responsible for protecting investors and maintaining fair and orderly securities markets.
– P/E ratio – Price-to-earnings ratio, a valuation ratio that compares the company’s current share price to its earnings per share.
– P/E/G ratio – Price-to-earnings growth ratio, a valuation ratio that takes into account a company’s earnings growth rate.
– Beta – A measure of a stock’s volatility in relation to the overall market.
– EPS – Earnings per share, a company’s profit divided by the number of outstanding shares.
– Dividend – A payment made by a corporation to its shareholders, usually in the form of cash or additional shares.