Clear Creek Financial Management LLC Trims Holdings in Starbucks Corporation $SBUX

Clear Creek Financial Management LLC cut its stake in Starbucks Corporation (NASDAQ:SBUX) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,765 shares of the coffee company’s stock after selling 282 shares during the quarter. Clear Creek Financial Management LLC’s holdings in Starbucks were worth $711,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SBUX. Narwhal Capital Management grew its position in Starbucks by 39.6% during the second quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after buying an additional 9,282 shares in the last quarter. Gagnon Securities LLC grew its position in Starbucks by 15.8% during the second quarter. Gagnon Securities LLC now owns 5,642 shares of the coffee company’s stock worth $517,000 after buying an additional 770 shares in the last quarter. Castle Rock Wealth Management LLC grew its position in Starbucks by 16.5% during the second quarter. Castle Rock Wealth Management LLC now owns 20,339 shares of the coffee company’s stock worth $1,902,000 after buying an additional 2,885 shares in the last quarter. Morton Capital Management LLC CA grew its position in Starbucks by 8.0% during the second quarter. Morton Capital Management LLC CA now owns 7,190 shares of the coffee company’s stock worth $659,000 after buying an additional 534 shares in the last quarter. Finally, WoodTrust Financial Corp grew its position in Starbucks by 3.1% during the second quarter. WoodTrust Financial Corp now owns 79,149 shares of the coffee company’s stock worth $7,252,000 after buying an additional 2,409 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Down 1.7%

Shares of SBUX stock opened at $78.46 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The business has a 50-day moving average price of $86.48 and a two-hundred day moving average price of $88.02. The firm has a market cap of $89.19 billion, a P/E ratio of 33.82, a price-to-earnings-growth ratio of 3.93 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last released its 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 net margin of 7.18% and a negative return on equity of 36.23%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same period last year, the firm posted $0.93 EPS. The company’s revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.62 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.2%. Starbucks’s dividend payout ratio is presently 105.17%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Cowen restated a “hold” rating on shares of Starbucks in a research report on Tuesday, June 24th. Barclays boosted their target price on Starbucks from $106.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price target (up previously from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. Loop Capital set a $165.00 price target on Starbucks in a research note on Tuesday, August 12th. Finally, Stifel Nicolaus lifted their price target on Starbucks from $92.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.56.

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.