Chemung Canal Trust Co. Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Chemung Canal Trust Co. decreased its holdings in Starbucks Co. (NASDAQ:SBUX) by 18.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,993 shares of the coffee company’s stock after selling 2,469 shares during the quarter. Chemung Canal Trust Co.’s holdings in Starbucks were worth $1,005,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Orca Investment Management LLC increased its stake in Starbucks by 6.6% in the 4th quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock valued at $719,000 after buying an additional 466 shares during the period. Cerity Partners LLC increased its stake in Starbucks by 481.9% in the 4th quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock valued at $148,567,000 after buying an additional 1,281,471 shares during the period. Cox Capital Mgt LLC increased its stake in Starbucks by 41.9% in the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after buying an additional 13,372 shares during the period. Summa Corp. acquired a new position in Starbucks in the 4th quarter valued at $384,000. Finally, Brevan Howard Capital Management LP acquired a new position in Starbucks in the 4th quarter valued at $2,781,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the 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 transaction, the chief executive officer now directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 65,431 shares in the company, valued at approximately $5,234,480. The disclosure for this sale can be found here. Insiders have sold a total of 10,750 shares of company stock worth $878,893 in the last three months. Company insiders own 1.98% of the company’s stock.

Starbucks Trading Down 1.7 %

NASDAQ:SBUX opened at $77.85 on Friday. The firm has a market cap of $88.18 billion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 1.70 and a beta of 0.96. The company’s 50-day moving average is $79.66 and its two-hundred day moving average is $88.02. Starbucks Co. has a 12-month low of $71.80 and a 12-month high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to analysts’ expectations 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 was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.74 earnings per share. On average, equities research analysts forecast that Starbucks Co. will post 3.59 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business 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. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 2.93%. Starbucks’s payout ratio is currently 62.81%.

Wall Street Analyst Weigh In

SBUX has been the topic of several recent research reports. UBS Group dropped their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Morgan Stanley lowered their price target on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, April 12th. Deutsche Bank Aktiengesellschaft cut shares of Starbucks from a “buy” rating to a “hold” rating and lowered their price target for the stock from $108.00 to $89.00 in a research note on Wednesday, May 1st. Stifel Nicolaus lowered their price target on shares of Starbucks from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday, May 1st. Finally, Guggenheim lowered their price target on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Seventeen analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $94.54.

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.