Mechanics Bank Trust Department Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Mechanics Bank Trust Department decreased its position in Starbucks Co. (NASDAQ:SBUX) by 48.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,182 shares of the coffee company’s stock after selling 5,699 shares during the period. Mechanics Bank Trust Department’s holdings in Starbucks were worth $565,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SBUX. Norges Bank acquired a new stake in shares of Starbucks in the 4th quarter valued at $1,240,652,000. Flossbach Von Storch AG boosted its holdings in shares of Starbucks by 8,677.8% in the fourth quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock valued at $260,706,000 after acquiring an additional 2,684,470 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of Starbucks by 342.7% in the fourth quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock valued at $207,444,000 after acquiring an additional 1,672,656 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Starbucks by 432.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock valued at $195,825,000 after acquiring an additional 1,656,591 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Starbucks by 44.8% in the fourth quarter. Nordea Investment Management AB now owns 5,146,033 shares of the coffee company’s stock valued at $493,350,000 after purchasing an additional 1,591,206 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction on 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 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 at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on 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 directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. In the last three months, insiders sold 10,750 shares of company stock valued at $878,893. 1.98% of the stock is owned by insiders.

Starbucks Stock Down 0.6 %

SBUX opened at $79.28 on Wednesday. Starbucks Co. has a 52-week low of $71.80 and a 52-week high of $107.66. The company has a 50 day moving average of $80.16 and a two-hundred day moving average of $88.36. The company has a market cap of $89.80 billion, a P/E ratio of 21.84, a P/E/G ratio of 1.74 and a beta of 0.96.

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

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.88%. Starbucks’s dividend payout ratio is presently 62.81%.

Analyst Ratings Changes

Several analysts recently commented on SBUX shares. UBS Group reduced their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Piper Sandler cut their target price on shares of Starbucks from $88.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. William Blair cut shares of Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Stifel Nicolaus cut their target price on shares of Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, May 1st. Finally, Guggenheim cut their target price on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Seventeen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Starbucks has an average rating of “Hold” and a consensus target price of $95.00.

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.