Front Street Capital Management Inc. Cuts Stock Holdings in Starbucks Corporation $SBUX

by · The Cerbat Gem

Front Street Capital Management Inc. lessened its holdings in Starbucks Corporation (NASDAQ:SBUX – Free Report) by 15.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,577 shares of the coffee company’s stock after selling 1,369 shares during the quarter. Front Street Capital Management Inc.’s holdings in Starbucks were worth $743,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Napa Wealth Management acquired a new position in Starbucks in the first quarter valued at $1,435,000. Vanguard Capital Wealth Advisors purchased a new position in Starbucks in the fourth quarter valued at about $285,000. Czech National Bank increased its stake in shares of Starbucks by 6.2% during the 1st quarter. Czech National Bank now owns 260,898 shares of the coffee company’s stock worth $25,591,000 after purchasing an additional 15,132 shares in the last quarter. Personal CFO Solutions LLC grew its stake in Starbucks by 125.5% in the 1st quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company’s stock worth $908,000 after acquiring an additional 5,151 shares during the period. Finally, First Manhattan CO. LLC. grew its stake in Starbucks by 33.1% in the 1st quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company’s stock worth $43,777,000 after acquiring an additional 111,015 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on SBUX. Stifel Nicolaus boosted their price objective on shares of Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, July 11th. TD Securities reissued a “hold” rating and set a $90.00 target price on shares of Starbucks in a research note on Monday, June 23rd. Guggenheim increased their target price on shares of Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, July 31st. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the company from $100.00 to $115.00 in a report on Tuesday, August 12th. Finally, Morgan Stanley restated an “overweight” rating and set a $103.00 price target (up previously from $95.00) on shares of Starbucks 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 given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.40.

Check Out Our Latest Stock Report on Starbucks

Starbucks Stock Down 1.8%

Shares of SBUX stock opened at $85.43 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The company has a market capitalization of $97.11 billion, a P/E ratio of 36.82, a P/E/G ratio of 5.09 and a beta of 1.00. The firm has a 50-day moving average price of $91.54 and a 200 day moving average price of $91.68.

Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period last year, the firm earned $0.93 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a $0.61 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.9%. Starbucks’s dividend payout ratio is presently 105.17%.

About Starbucks

(Free Report)

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.

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