Choreo LLC trimmed its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 3.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 28,086 shares of the coffee company’s stock after selling 1,150 shares during the quarter. Choreo LLC’s holdings in Starbucks were worth $2,567,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Starbucks during the fourth quarter valued at about $1,240,652,000. Flossbach Von Storch AG raised its position in shares of Starbucks by 8,677.8% during the 4th quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock worth $260,706,000 after buying an additional 2,684,470 shares in the last quarter. Van ECK Associates Corp lifted its position in Starbucks by 2,624.3% in the first quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock worth $196,516,000 after purchasing an additional 2,071,378 shares during the period. Bank of Nova Scotia grew its holdings in Starbucks by 342.7% during the fourth quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after acquiring an additional 1,672,656 shares during the period. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Starbucks by 432.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock worth $195,825,000 after purchasing an additional 1,656,591 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.
Analyst Ratings Changes
SBUX has been the subject of a number of research reports. Evercore ISI reduced their target price on shares of Starbucks from $120.00 to $92.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Piper Sandler decreased their target price on Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. JPMorgan Chase & Co. reduced their target price on Starbucks from $100.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Bank of America lifted their price target on Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, Robert W. Baird reduced their price objective on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 18th. Seventeen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $94.54.
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Starbucks Stock Performance
Shares of Starbucks stock traded down $0.29 during trading on Monday, reaching $75.76. The company’s stock had a trading volume of 875,497 shares, compared to its average volume of 10,284,280. Starbucks Co. has a one year low of $71.80 and a one year high of $107.66. The firm has a market cap of $85.81 billion, a price-to-earnings ratio of 20.95, a price-to-earnings-growth ratio of 1.66 and a beta of 0.94. The business’s fifty day moving average price is $78.50 and its 200-day moving average price is $87.24.
Starbucks (NASDAQ:SBUX – Get Free Report) last released its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period last year, the business earned $0.74 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. Sell-side analysts anticipate that Starbucks Co. will post 3.58 EPS for the current year.
Starbucks Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Friday, August 16th. Starbucks’s payout ratio is 62.81%.
Insiders Place Their Bets
In related news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares in the company, valued at approximately $6,933,582.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,750 shares of company stock valued at $878,893. 1.98% of the stock is currently owned by corporate insiders.
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.
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