OLD National Bancorp IN Trims Stock Position in Starbucks Co. (NASDAQ:SBUX)

OLD National Bancorp IN lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,860 shares of the coffee company’s stock after selling 302 shares during the period. OLD National Bancorp IN’s holdings in Starbucks were worth $1,619,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Riggs Asset Managment Co. Inc. increased its position in Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after purchasing an additional 300 shares during the last quarter. Atticus Wealth Management LLC increased its position 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 worth $32,000 after acquiring an additional 200 shares in the last quarter. Financial Connections Group Inc. acquired a new stake in shares of Starbucks in the fourth quarter worth $38,000. Tennessee Valley Asset Management Partners acquired a new stake in shares of Starbucks in the fourth quarter worth $38,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Starbucks in the fourth quarter worth $40,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 7,000 shares of company stock valued at $629,738. 1.98% of the stock is owned by company insiders.

Starbucks Price Performance

Shares of SBUX opened at $88.18 on Tuesday. Starbucks Co. has a one year low of $84.29 and a one year high of $115.48. The company has a 50-day moving average of $90.80 and a two-hundred day moving average of $94.42. The stock has a market cap of $99.84 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 1.42 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, January 31st. The coffee company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. The firm had revenue of $9.43 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the previous year, the business earned $0.75 earnings per share. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. Analysts anticipate that Starbucks Co. will post 4.01 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is currently 60.96%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SBUX shares. Piper Sandler dropped their price objective 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. BMO Capital Markets lowered their price target on shares of Starbucks from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. TD Cowen reaffirmed a “hold” rating and set a $100.00 price target on shares of Starbucks in a report on Thursday, April 11th. Stephens reaffirmed an “equal weight” rating and set a $110.00 price target on shares of Starbucks in a report on Wednesday, January 31st. Finally, Barclays lowered their price target on shares of Starbucks from $116.00 to $112.00 and set an “overweight” rating for the company in a report on Wednesday, January 31st. Fourteen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $106.68.

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.