Foster Group Inc. Decreases Stake in Starbucks Co. (NASDAQ:SBUX)

Foster Group Inc. lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 8.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,605 shares of the coffee company’s stock after selling 249 shares during the period. Foster Group Inc.’s holdings in Starbucks were worth $238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in SBUX. Vima LLC purchased a new position in shares of Starbucks in the fourth quarter worth $26,000. Scarborough Advisors LLC purchased a new position in shares of Starbucks during the fourth quarter worth $26,000. DSM Capital Partners LLC purchased a new position in shares of Starbucks during the fourth quarter worth $27,000. Riggs Asset Managment Co. Inc. raised its holdings in shares of 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. Finally, Fairman Group LLC purchased a new position in shares of Starbucks during the fourth quarter worth $30,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Down 0.6 %

Shares of NASDAQ SBUX opened at $79.72 on Friday. The company’s 50-day simple moving average is $80.49 and its 200-day simple moving average is $88.83. Starbucks Co. has a 52-week low of $71.80 and a 52-week high of $107.66. The firm has a market cap of $90.30 billion, a price-to-earnings ratio of 21.96, a price-to-earnings-growth ratio of 1.75 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.74 EPS. Equities research analysts anticipate that Starbucks Co. will post 3.59 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.86%. Starbucks’s payout ratio is presently 62.81%.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Starbucks from $100.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. HSBC reduced their target price on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a report on Friday, May 3rd. The Goldman Sachs Group initiated coverage on shares of Starbucks in a report on Thursday, June 13th. They set a “buy” rating and a $100.00 target price for the company. Citigroup reduced their target price on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Finally, Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Friday, April 19th. Seventeen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.00.

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.