Commonwealth Equity Services LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 579,380 shares of the coffee company’s stock after selling 11,371 shares during the quarter. Commonwealth Equity Services LLC owned about 0.05% of Starbucks worth $55,626,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Riggs Asset Managment Co. Inc. increased its holdings in shares of Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Cypress Capital Management LLC WY increased its stake in Starbucks by 133.1% in the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 185 shares during the period. Atticus Wealth Management LLC increased its holdings in shares of Starbucks by 153.8% in the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after purchasing an additional 200 shares during the period. Evolution Advisers Inc. purchased a new stake in Starbucks in the 4th quarter valued at approximately $36,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Starbucks during the 4th quarter worth approximately $38,000. 72.29% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
SBUX has been the subject of a number of research analyst reports. HSBC dropped their price target on Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a research report on Friday. Piper Sandler cut their target price on shares of Starbucks from $107.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, January 19th. TD Cowen lowered their price target on shares of Starbucks from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, UBS Group dropped their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Seventeen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $97.09.
View Our Latest Report on SBUX
Starbucks Price Performance
Shares of SBUX stock traded down $1.82 on Friday, hitting $73.11. 22,153,770 shares of the stock traded hands, compared to its average volume of 12,042,146. The company has a market capitalization of $82.81 billion, a PE ratio of 20.14, a PEG ratio of 1.39 and a beta of 0.97. Starbucks Co. has a 1-year low of $72.67 and a 1-year high of $108.12. The company’s fifty day moving average is $88.89 and its 200 day moving average is $93.84.
Starbucks (NASDAQ:SBUX – Get Free Report) last issued its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The business’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.74 EPS. As a group, equities research analysts expect that Starbucks Co. will post 3.69 EPS for the current year.
Starbucks Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a dividend of $0.57 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a yield of 3.12%. Starbucks’s payout ratio is currently 62.81%.
Insiders Place Their Bets
In other news, insider Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the insider now owns 84,153 shares in the company, valued at $7,912,906.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 7,250 shares of company stock valued at $651,738 over the last three months. Company insiders own 1.98% 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.
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