Avidian Wealth Reduces Starbucks Holdings to Over $1 Million

Avidian Wealth Enterprises LLC has decreased its stake in Starbucks Corporation (NASDAQ:SBUX) by 1.4% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission, Avidian now holds 11,092 shares, following the sale of 162 shares during the quarter. At the end of this period, Avidian’s holdings in Starbucks were valued at approximately $1.02 million.

This adjustment in Avidian’s portfolio aligns with broader trends among institutional investors, many of whom have recently modified their positions in Starbucks. Notably, Brighton Jones LLC significantly increased its holdings by 86.5% during the fourth quarter of 2022, amassing a total of 176,722 shares valued at $16.13 million. Similarly, GAMMA Investing LLC raised its stake by 21.9% in early 2023, acquiring 20,591 shares worth about $2.02 million.

In addition, JFS Wealth Advisors LLC raised its position by 13.6%, now owning 3,868 shares valued at approximately $379,000, while Asset Management One Co. Ltd. increased its holdings by 7.9% to a total of 507,451 shares, valued at around $49.78 million. AssuredPartners Investment Advisors LLC also boosted its stake by 9.3%, owning 29,202 shares worth approximately $2.86 million. Institutional investors collectively own 72.29% of Starbucks stock.

Analysts Issue New Price Targets for Starbucks

Several brokerages have recently updated their target prices for Starbucks shares. Piper Sandler set a target of $105.00, maintaining an “overweight” rating. TD Cowen revised its price objective from $88.00 to $84.00, issuing a “hold” rating. BTIG Research reaffirmed a target of $105.00 while Cowen continued to hold a “hold” rating. Stifel Nicolaus raised its price target from $92.00 to $105.00, assigning a “buy” rating.

Overall, investment analysts have rated Starbucks stock with one “Strong Buy,” fourteen “Buy,” ten “Hold,” and two “Sell” ratings. According to data from MarketBeat.com, Starbucks currently holds an average rating of “Moderate Buy” and an average price target of $102.60.

Starbucks Financial Performance and Dividend Increase

Starbucks opened at $85.90 on Wednesday, with a one-year low of $75.50 and a high of $117.46. The company has a market capitalization of $97.64 billion and a P/E ratio of 37.03. In its most recent earnings report, released on July 29, the company reported earnings per share (EPS) of $0.50, falling short of the consensus estimate of $0.64 by $0.14. Despite this, Starbucks reported revenues of $9.46 billion, exceeding analyst expectations of $9.29 billion and marking a 3.8% increase year-over-year.

In a positive development for shareholders, Starbucks has announced a quarterly dividend of $0.62 per share, set to be paid on November 28, 2023, to stockholders of record as of November 14, 2023. This reflects an increase from the previous quarterly dividend of $0.61, representing an annualized dividend of $2.48 and a yield of 2.9%. The company’s payout ratio currently stands at 105.17%.

Starbucks Corporation, along with its subsidiaries, is a leading global roaster, marketer, and retailer of coffee. Operating through three segments—North America, International, and Channel Development—the company offers a variety of coffee and tea beverages, as well as food products including pastries and breakfast items.