SVB Wealth LLC Lowers Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

SVB Wealth LLC trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 3.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 82,321 shares of the coffee company’s stock after selling 3,056 shares during the period. SVB Wealth LLC’s holdings in Starbucks were worth $7,904,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Starbucks by 0.4% during the third quarter. Vanguard Group Inc. now owns 106,891,648 shares of the coffee company’s stock valued at $9,756,001,000 after acquiring an additional 387,632 shares in the last quarter. State Street Corp increased its position in shares of Starbucks by 0.3% during the first quarter. State Street Corp now owns 44,120,185 shares of the coffee company’s stock valued at $4,594,235,000 after acquiring an additional 135,644 shares in the last quarter. Morgan Stanley increased its position in shares of Starbucks by 46.3% during the fourth quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock valued at $2,650,462,000 after acquiring an additional 8,451,599 shares in the last quarter. Northern Trust Corp grew its position in Starbucks by 1.5% in the 3rd quarter. Northern Trust Corp now owns 15,217,752 shares of the coffee company’s stock worth $1,388,924,000 after purchasing an additional 232,031 shares during the period. Finally, Norges Bank bought a new stake in Starbucks in the 4th quarter worth approximately $1,222,931,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SBUX. JPMorgan Chase & Co. cut their target price on shares of Starbucks from $107.00 to $100.00 and set an “overweight” rating for the company in a research report on Tuesday, March 19th. Stephens reaffirmed an “equal weight” rating and issued a $110.00 target price on shares of Starbucks in a research report on Wednesday, January 31st. TD Cowen reaffirmed a “hold” rating and issued a $100.00 target price on shares of Starbucks in a research report on Thursday, April 11th. 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. Finally, Stifel Nicolaus cut their target price on shares of Starbucks from $102.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday, April 11th. Thirteen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Starbucks has an average rating of “Hold” and an average price target of $107.43.

Insiders Place Their Bets

In related news, insider Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the insider now directly owns 84,153 shares of the company’s stock, valued at approximately $7,912,906.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 4,000 shares of company stock worth $375,665 in the last 90 days. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Stock Performance

SBUX opened at $85.42 on Wednesday. Starbucks Co. has a fifty-two week low of $84.29 and a fifty-two week high of $115.48. The firm’s fifty day moving average is $91.51 and its 200 day moving average is $94.53. The stock has a market cap of $96.71 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth ratio of 1.36 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The firm had revenue of $9.43 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter last year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts predict that Starbucks Co. will post 4.04 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s payout ratio is currently 60.96%.

Starbucks 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.