Bennett Associates Wealth Management Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Bennett Associates Wealth Management trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 11.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,256 shares of the coffee company’s stock after selling 706 shares during the quarter. Starbucks accounts for approximately 0.4% of Bennett Associates Wealth Management’s investment portfolio, making the stock its 26th largest holding. Bennett Associates Wealth Management’s holdings in Starbucks were worth $480,000 as of its most recent SEC filing.

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

Starbucks Stock Performance

SBUX stock opened at $94.43 on Friday. The company’s 50 day moving average price is $95.92 and its 200 day moving average price is $91.35. The firm has a market capitalization of $107.06 billion, a price-to-earnings ratio of 28.53, a PEG ratio of 2.73 and a beta of 0.99. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.32.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.06 EPS. Equities analysts forecast that Starbucks Co. will post 3.1 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders 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 dividend yield of 2.58%. Starbucks’s payout ratio is currently 73.72%.

Insider Transactions at Starbucks

In related news, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $99.07, for a total value of $143,849.64. Following the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

SBUX has been the topic of several research analyst reports. BTIG Research boosted their price target on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Bank of America decreased their price objective on Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Royal Bank of Canada assumed coverage on Starbucks in a report on Friday, November 15th. They set an “outperform” rating and a $115.00 target price on the stock. Citigroup increased their price target on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, UBS Group upped their price objective on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Three 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $103.92.

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.