SVB Wealth LLC Sells 2,439 Shares of Starbucks Co. (NASDAQ:SBUX)

SVB Wealth LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 78,083 shares of the coffee company’s stock after selling 2,439 shares during the quarter. SVB Wealth LLC’s holdings in Starbucks were worth $6,079,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of SBUX. Vima LLC purchased a new position in Starbucks in the 4th quarter worth approximately $26,000. Scarborough Advisors LLC bought a new position in shares of Starbucks in the fourth quarter worth approximately $26,000. New Millennium Group LLC purchased a new position in shares of Starbucks in the second quarter worth $26,000. Stephens Consulting LLC boosted its position in Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares during the period. Finally, DSM Capital Partners LLC bought a new stake in Starbucks in the 4th quarter worth $27,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SBUX. Wedbush reiterated a “neutral” rating and set a $80.00 target price on shares of Starbucks in a report on Tuesday, August 13th. TD Cowen increased their price objective on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup boosted their target price on Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Stifel Nicolaus raised Starbucks from a “hold” rating to a “buy” rating and raised their price target for the stock from $80.00 to $110.00 in a research note on Wednesday, August 14th. Finally, Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and an average price target of $99.42.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,790 shares of company stock valued at $865,514. Corporate insiders own 1.98% of the company’s stock.

Starbucks Price Performance

SBUX opened at $91.15 on Friday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The stock has a 50-day moving average price of $82.41 and a 200-day moving average price of $83.88. The firm has a market cap of $103.29 billion, a PE ratio of 25.11, a P/E/G ratio of 2.21 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the prior year, the firm posted $1.00 earnings per share. The business’s revenue was down .6% on a year-over-year basis. As a group, sell-side analysts anticipate that Starbucks Co. will post 3.56 EPS for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a dividend of $0.57 per share. The ex-dividend date was Friday, August 16th. This represents a $2.28 annualized dividend and a yield of 2.50%. Starbucks’s dividend payout ratio is 62.81%.

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.