Marble Harbor Investment Counsel LLC Lowers Stock Position in Starbucks Corporation $SBUX

Marble Harbor Investment Counsel LLC trimmed its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 13.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,780 shares of the coffee company’s stock after selling 1,550 shares during the period. Marble Harbor Investment Counsel LLC’s holdings in Starbucks were worth $896,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. PNC Financial Services Group Inc. lifted its stake in shares of Starbucks by 0.6% in the second quarter. PNC Financial Services Group Inc. now owns 971,342 shares of the coffee company’s stock valued at $89,004,000 after purchasing an additional 5,483 shares during the period. United Asset Strategies Inc. boosted its position in Starbucks by 3.4% during the second quarter. United Asset Strategies Inc. now owns 132,450 shares of the coffee company’s stock worth $12,136,000 after purchasing an additional 4,320 shares in the last quarter. Wealth Alliance LLC grew its holdings in Starbucks by 3.9% in the second quarter. Wealth Alliance LLC now owns 13,793 shares of the coffee company’s stock valued at $1,264,000 after purchasing an additional 519 shares during the last quarter. M&G PLC increased its position in shares of Starbucks by 17.3% in the second quarter. M&G PLC now owns 186,120 shares of the coffee company’s stock valued at $17,123,000 after buying an additional 27,436 shares in the last quarter. Finally, KBC Group NV grew its stake in Starbucks by 1.6% in the 2nd quarter. KBC Group NV now owns 319,324 shares of the coffee company’s stock valued at $29,260,000 after acquiring an additional 5,024 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Performance

SBUX opened at $86.42 on Wednesday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The firm has a 50 day moving average price of $83.79 and a 200 day moving average price of $87.56. The company has a market cap of $98.23 billion, a PE ratio of 52.70, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The business 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 firm earned $0.80 earnings per share. Starbucks’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, sell-side analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.9%. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s dividend payout ratio is 151.22%.

Analyst Ratings Changes

Several research firms have recently commented on SBUX. Sanford C. Bernstein set a $100.00 price target on shares of Starbucks and gave the company an “outperform” rating in a research report on Thursday, October 30th. Royal Bank Of Canada set a $100.00 price target on Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. Loop Capital set a $165.00 price target on Starbucks in a research note on Tuesday, August 12th. Finally, Dbs Bank downgraded shares of Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $100.50.

Starbucks Profile

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.