Synovus Financial Corp Decreases Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Synovus Financial Corp lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 3.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 36,690 shares of the coffee company’s stock after selling 1,378 shares during the period. Synovus Financial Corp’s holdings in Starbucks were worth $3,348,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SBUX. Summit Investment Advisors Inc. grew its stake in shares of Starbucks by 3.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 47,412 shares of the coffee company’s stock valued at $4,326,000 after buying an additional 1,540 shares during the period. Sagespring Wealth Partners LLC acquired a new position in shares of Starbucks in the 4th quarter valued at $728,000. Townsquare Capital LLC grew its holdings in shares of Starbucks by 11.8% during the 4th quarter. Townsquare Capital LLC now owns 178,792 shares of the coffee company’s stock worth $16,315,000 after purchasing an additional 18,877 shares during the period. Crux Wealth Advisors acquired a new stake in shares of Starbucks during the 4th quarter worth about $667,000. Finally, Nicolet Bankshares Inc. raised its holdings in Starbucks by 6.9% in the 4th quarter. Nicolet Bankshares Inc. now owns 3,642 shares of the coffee company’s stock valued at $332,000 after buying an additional 234 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

NASDAQ:SBUX opened at $85.49 on Tuesday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $117.46. The stock has a market cap of $97.11 billion, a P/E ratio of 27.58, a P/E/G ratio of 3.59 and a beta of 1.00. The stock has a 50-day simple moving average of $101.63 and a 200-day simple moving average of $98.70.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period last year, the company earned $0.90 EPS. On average, equities research analysts predict that Starbucks Co. will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.44 dividend on an annualized basis and a yield of 2.85%. Starbucks’s dividend payout ratio (DPR) is presently 78.71%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SBUX shares. Stifel Nicolaus lifted their price target on shares of Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Tuesday, March 18th. Robert W. Baird restated a “neutral” rating and set a $85.00 price target (down from $114.00) on shares of Starbucks in a research note on Monday, April 7th. BMO Capital Markets lifted their price objective on Starbucks from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Finally, Baird R W lowered Starbucks from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $104.68.

About Starbucks

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.