Synovus Financial Corp Sells 1,378 Shares of Starbucks Co. (NASDAQ:SBUX)

Synovus Financial Corp trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 3.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,690 shares of the coffee company’s stock after selling 1,378 shares during the period. Synovus Financial Corp’s holdings in Starbucks were worth $3,348,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Starbucks in the 4th quarter worth $1,244,812,000. FMR LLC boosted its holdings in Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Starbucks during the fourth quarter worth about $284,283,000. Assenagon Asset Management S.A. increased its holdings in shares of Starbucks by 1,491.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock valued at $256,282,000 after acquiring an additional 2,632,087 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Starbucks by 9.0% in the 4th quarter. Invesco Ltd. now owns 11,457,981 shares of the coffee company’s stock valued at $1,045,541,000 after purchasing an additional 944,897 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $85.49 on Tuesday. The firm has a market cap of $97.11 billion, a PE ratio of 27.58, a PEG ratio of 3.59 and a beta of 1.00. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46. The firm has a fifty day moving average of $101.63 and a 200 day moving average of $98.70.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same quarter in the prior year, the firm posted $0.90 earnings per share. On average, equities analysts predict that Starbucks Co. will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Friday, May 16th. Starbucks’s payout ratio is 78.71%.

Analysts Set New Price Targets

SBUX has been the topic of several research analyst reports. Barclays boosted their target price on shares of Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Stifel Nicolaus boosted their price objective on shares of Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a report on Monday, January 27th. Jefferies Financial Group upgraded Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 target price for the company in a research note on Wednesday, April 9th. Royal Bank of Canada reiterated an “outperform” rating and set a $115.00 price target on shares of Starbucks in a research note on Friday, January 24th. Finally, Wells Fargo & Company increased their price objective on Starbucks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.68.

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.