Newbridge Financial Services Group Inc. Sells 7,192 Shares of Starbucks Corporation $SBUX

Newbridge Financial Services Group Inc. decreased its holdings in Starbucks Corporation (NASDAQ:SBUX) by 70.0% in the second quarter, Holdings Channel reports. The fund owned 3,081 shares of the coffee company’s stock after selling 7,192 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Starbucks were worth $282,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. PUREfi Wealth LLC purchased a new position in shares of Starbucks during the 2nd quarter worth about $286,000. Narwhal Capital Management lifted its stake in Starbucks by 39.6% in the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after purchasing an additional 9,282 shares during the last quarter. Napa Wealth Management purchased a new position in shares of Starbucks during the first quarter valued at approximately $1,435,000. Morningstar Investment Management LLC bought a new position in shares of Starbucks during the second quarter valued at approximately $653,000. Finally, Pegasus Asset Management Inc. purchased a new stake in shares of Starbucks in the second quarter worth approximately $1,289,000. 72.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

SBUX has been the subject of a number of recent analyst reports. Piper Sandler dropped their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. BTIG Research reissued a “buy” rating and set a $105.00 target price on shares of Starbucks in a research note on Thursday, October 30th. Morgan Stanley set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a report on Monday, October 20th. Wall Street Zen upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. Finally, Citigroup dropped their target price on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. 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 two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Price Performance

Shares of Starbucks stock opened at $85.40 on Tuesday. The stock has a market cap of $97.11 billion, a price-to-earnings ratio of 52.07, a PEG ratio of 1.74 and a beta of 0.98. The firm’s 50-day moving average is $84.06 and its two-hundred day moving average is $87.69. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

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). The business had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.Starbucks’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 EPS. On average, equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, February 13th. Starbucks’s payout ratio is presently 151.22%.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 11,700 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the purchase, the director directly owned 53,096 shares of the company’s stock, valued at $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

Starbucks Company 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.