Wolff Wiese Magana LLC Cuts Position in Starbucks Co. (NASDAQ:SBUX)

Wolff Wiese Magana LLC lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 68.8% during the first quarter, Holdings Channel reports. The institutional investor owned 524 shares of the coffee company’s stock after selling 1,155 shares during the period. Wolff Wiese Magana LLC’s holdings in Starbucks were worth $48,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. Norges Bank acquired a new stake in Starbucks in the fourth quarter valued at $1,240,652,000. Flossbach Von Storch AG increased its holdings in 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 valued at $260,706,000 after acquiring an additional 2,684,470 shares in the last quarter. Bank of Nova Scotia raised its position 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 last quarter. Los Angeles Capital Management LLC raised its position in Starbucks by 432.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock worth $195,825,000 after acquiring an additional 1,656,591 shares during the last quarter. Finally, Nordea Investment Management AB lifted its holdings 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 in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SBUX shares. HSBC cut their price objective on Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a research report on Friday, May 3rd. Deutsche Bank Aktiengesellschaft lowered Starbucks from a “buy” rating to a “hold” rating and decreased their price objective for the company from $108.00 to $89.00 in a research note on Wednesday, May 1st. Wedbush reissued a “neutral” rating and issued a $81.00 target price on shares of Starbucks in a research note on Friday. Evercore ISI decreased their price target on shares of Starbucks from $120.00 to $92.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Bank of America boosted their price objective on shares of Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Seventeen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $94.54.

Insiders Place Their Bets

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 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 transaction of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rachel Ruggeri sold 3,750 shares of Starbucks 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 sale, the chief financial officer now owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The disclosure for this sale can be found here. Insiders have sold 10,750 shares of company stock worth $878,893 in the last quarter. 1.98% of the stock is owned by corporate insiders.

Starbucks Stock Performance

Starbucks stock traded down $0.63 during trading on Monday, reaching $77.22. 2,549,685 shares of the company’s stock were exchanged, compared to its average volume of 10,385,240. 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 $87.47 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 1.70 and a beta of 0.94. The company’s 50-day moving average is $79.66 and its two-hundred day moving average is $87.95.

Starbucks (NASDAQ:SBUX) last issued its earnings results 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 during 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%. Starbucks’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. Analysts anticipate that Starbucks Co. will post 3.59 EPS for the current year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is 62.81%.

Starbucks Company 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.