Praxis Investment Management Inc. Cuts Stock Holdings in Starbucks Corporation $SBUX

Praxis Investment Management Inc. trimmed its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 52.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,372 shares of the coffee company’s stock after selling 13,830 shares during the period. Praxis Investment Management Inc.’s holdings in Starbucks were worth $1,134,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. S Bank Fund Management Ltd grew its stake in shares of Starbucks by 14.0% in the 2nd quarter. S Bank Fund Management Ltd now owns 10,611 shares of the coffee company’s stock worth $972,000 after buying an additional 1,302 shares in the last quarter. Werba Rubin Papier Wealth Management grew its stake in shares of Starbucks by 6.3% in the 2nd quarter. Werba Rubin Papier Wealth Management now owns 6,468 shares of the coffee company’s stock worth $593,000 after buying an additional 382 shares in the last quarter. WealthPLAN Partners LLC grew its stake in shares of Starbucks by 15.3% in the 2nd quarter. WealthPLAN Partners LLC now owns 2,559 shares of the coffee company’s stock worth $234,000 after buying an additional 339 shares in the last quarter. Turtle Creek Wealth Advisors LLC grew its stake in shares of Starbucks by 3.8% in the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 25,677 shares of the coffee company’s stock worth $2,353,000 after buying an additional 951 shares in the last quarter. Finally, WealthPlan Investment Management LLC grew its stake in shares of Starbucks by 3.6% in the 2nd quarter. WealthPlan Investment Management LLC now owns 4,463 shares of the coffee company’s stock worth $409,000 after buying an additional 155 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Guggenheim lifted their price objective on shares of Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Evercore ISI reaffirmed an “outperform” rating and set a $105.00 price target (up from $95.00) on shares of Starbucks in a research note on Tuesday, June 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Starbucks in a research note on Wednesday, October 8th. Finally, Loop Capital set a $165.00 price target on shares of Starbucks in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.76.

Starbucks Price Performance

Shares of SBUX opened at $85.36 on Friday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The company has a 50-day moving average of $85.72 and a 200 day moving average of $87.49. The firm has a market capitalization of $97.03 billion, a price-to-earnings ratio of 36.79, a PEG ratio of 4.17 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data 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 net margin of 7.18% and a negative return on equity of 36.23%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the previous year, the business earned $0.93 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio (DPR) is 105.17%.

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.