Perkins Coie Trust Co Decreases Stake in Starbucks Co. (NASDAQ:SBUX)

Perkins Coie Trust Co reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 10.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,449 shares of the coffee company’s stock after selling 4,419 shares during the quarter. Perkins Coie Trust Co’s holdings in Starbucks were worth $3,508,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Starbucks during the 2nd quarter worth approximately $25,000. DT Investment Partners LLC lifted its stake in shares of Starbucks by 39.4% during the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock valued at $42,000 after buying an additional 121 shares during the period. FSA Wealth Management LLC acquired a new stake in Starbucks during the third quarter worth approximately $49,000. Friedenthal Financial purchased a new stake in Starbucks in the 3rd quarter worth approximately $50,000. Finally, Capital Performance Advisors LLP acquired a new position in Starbucks in the 3rd quarter valued at $71,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Trading Up 0.7 %

SBUX stock opened at $95.13 on Friday. The stock’s 50 day simple moving average is $95.84 and its 200 day simple moving average is $91.50. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $103.32. The firm has a market cap of $107.86 billion, a P/E ratio of 28.74, a P/E/G ratio of 2.73 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, research analysts forecast that Starbucks Co. will post 3.1 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a $0.61 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 dividend on an annualized basis and a yield of 2.56%. Starbucks’s dividend payout ratio is currently 73.72%.

Insider Buying and Selling at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the sale, the chief financial officer now directly owns 65,648 shares of the company’s stock, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.98% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SBUX has been the topic of several analyst reports. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Barclays reduced their price objective on Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company lifted their target price on shares of Starbucks from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and increased their price target for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Finally, Morgan Stanley boosted their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.92.

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.