Avidian Wealth Adjusts Stake in Starbucks to $1.02 Million

Avidian Wealth Enterprises LLC has reduced its holdings in Starbucks Corporation (NASDAQ: SBUX) by 1.4% during the second quarter of 2023, now owning 11,092 shares valued at approximately $1.02 million. This adjustment follows a sale of 162 shares, according to the company’s latest Form 13F filing with the Securities and Exchange Commission.

Other institutional investors have also been active in modifying their positions in Starbucks. Notably, Brighton Jones LLC increased its stake by an impressive 86.5% during the fourth quarter, bringing its total shares to 176,722, valued at $16.13 million. GAMMA Investing LLC raised its holdings by 21.9% in the first quarter, now owning 20,591 shares valued at $2.02 million. Similarly, JFS Wealth Advisors LLC and Asset Management One Co. Ltd. grew their stakes by 13.6% and 7.9%, respectively, while AssuredPartners Investment Advisors LLC boosted its stake by 9.3%.

Institutional investors collectively own 72.29% of Starbucks’ stock, reflecting strong confidence in the company’s performance.

Market Analysts Issue New Price Targets

Several brokerages have recently revised their price targets for Starbucks shares. Piper Sandler set a target price of $105.00 and assigned an “overweight” rating on July 30, 2023. In contrast, TD Cowen lowered its price objective from $88.00 to $84.00, maintaining a “hold” rating. BTIG Research also set a target of $105.00 on September 25, 2023. Meanwhile, Stifel Nicolaus upgraded its target from $92.00 to $105.00 on July 11, 2023.

Currently, one investment analyst has rated Starbucks stock as a Strong Buy, while fourteen others have given a Buy rating. Ten analysts issued a Hold rating, and two classified it as a Sell. Data from MarketBeat.com indicates that the stock has an average rating of “Moderate Buy” and an average price target of $102.60.

Starbucks Performance and Upcoming Dividend

Starbucks shares opened at $85.90 on a recent trading day. Over the past year, the stock has fluctuated between a low of $75.50 and a high of $117.46. Currently, the company has a market capitalization of $97.64 billion and a P/E ratio of 37.03.

In its latest earnings report, released on July 29, 2023, Starbucks reported earnings per share of $0.50, falling short of the consensus estimate of $0.64 by $0.14. The company generated $9.46 billion in revenue for the quarter, surpassing expectations of $9.29 billion and marking a 3.8% increase year-over-year. Analysts project Starbucks will achieve an EPS of $2.99 for the current fiscal year.

In addition, Starbucks has declared a quarterly dividend of $0.62 per share, payable on November 28, 2023, to stockholders of record as of November 14, 2023. This marks an increase from the previous quarterly dividend of $0.61, resulting in an annualized dividend of $2.48 and a dividend yield of 2.9%. The ex-dividend date is set for November 14, 2023, while the company’s payout ratio stands at 105.17%.

Starbucks Corporation, headquartered in Seattle, operates as a global roaster, marketer, and retailer of coffee. The company manages its operations through three segments: North America, International, and Channel Development, offering a diverse range of coffee and food products.