State of Alaska Department of Revenue Reduces Holdings in Starbucks Co. (NASDAQ:SBUX)

State of Alaska Department of Revenue reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 4.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 138,234 shares of the coffee company’s stock after selling 5,760 shares during the period. State of Alaska Department of Revenue’s holdings in Starbucks were worth $12,632,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SBUX. Vima LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $26,000. Scarborough Advisors LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $26,000. DSM Capital Partners LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $27,000. Riggs Asset Managment Co. Inc. grew 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 buying an additional 300 shares in the last quarter. Finally, Fairman Group LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $30,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of recent research reports. Evercore ISI lowered their price target 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. The Goldman Sachs Group started coverage on shares of Starbucks in a report on Thursday, June 13th. They issued a “buy” rating and a $100.00 target price for the company. William Blair downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Wells Fargo & Company lowered their target price on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Finally, DZ Bank downgraded shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a report on Friday, May 3rd. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $94.54.

Starbucks Trading Down 0.7 %

Shares of NASDAQ:SBUX opened at $76.26 on Thursday. The company has a fifty day simple moving average of $79.22 and a 200 day simple moving average of $87.66. The firm has a market cap of $86.38 billion, a PE ratio of 21.01, a price-to-earnings-growth ratio of 1.68 and a beta of 0.94. Starbucks Co. has a 12-month low of $71.80 and a 12-month high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 EPS. As a group, equities research analysts forecast that Starbucks Co. will post 3.58 EPS for the current fiscal year.

Starbucks Announces Dividend

The business 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 $0.57 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.99%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction 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 in the company, valued at $6,933,582.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Starbucks 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 completion of the sale, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’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 transaction, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,750 shares of company stock worth $878,893. Insiders own 1.98% of the company’s stock.

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.