Starbucks Co. (NASDAQ:SBUX) Shares Sold by Covestor Ltd

Covestor Ltd cut its stake in Starbucks Co. (NASDAQ:SBUX) by 27.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 722 shares of the coffee company’s stock after selling 276 shares during the period. Covestor Ltd’s holdings in Starbucks were worth $70,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SBUX. Quent Capital LLC grew its position in shares of Starbucks by 9.6% in the 1st quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock worth $401,000 after acquiring an additional 385 shares in the last quarter. HBK Sorce Advisory LLC increased its stake in Starbucks by 11.3% during the first quarter. HBK Sorce Advisory LLC now owns 9,507 shares of the coffee company’s stock valued at $869,000 after purchasing an additional 967 shares during the last quarter. Leo Wealth LLC raised its holdings in shares of Starbucks by 11.2% during the first quarter. Leo Wealth LLC now owns 2,815 shares of the coffee company’s stock worth $257,000 after purchasing an additional 283 shares during the period. Brighton Jones LLC lifted its position in shares of Starbucks by 8.7% in the 1st quarter. Brighton Jones LLC now owns 148,302 shares of the coffee company’s stock worth $13,553,000 after buying an additional 11,903 shares during the last quarter. Finally, Cumberland Partners Ltd boosted its holdings in shares of Starbucks by 389.5% in the 1st quarter. Cumberland Partners Ltd now owns 68,703 shares of the coffee company’s stock valued at $6,279,000 after buying an additional 54,668 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SBUX shares. JPMorgan Chase & Co. raised their target price on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Bank of America cut their price target on Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Finally, Wedbush dropped their price objective on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus target price of $102.31.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $99.80 on Thursday. The stock has a market capitalization of $113.09 billion, a price-to-earnings ratio of 30.15, a PEG ratio of 2.86 and a beta of 0.97. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The company has a 50 day moving average price of $96.30 and a 200 day moving average price of $85.93.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same period last year, the company posted $1.06 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. On average, sell-side analysts expect that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.44%. Starbucks’s dividend payout ratio is currently 68.88%.

Insider Transactions at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the transaction, the director now owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 1.98% of the stock is currently owned by insiders.

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.