Starbucks Co. (NASDAQ:SBUX) Stock Position Reduced by Covestor Ltd

Covestor Ltd lowered its stake in shares of Starbucks Co. (NASDAQ:SBUXFree Report) by 27.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 722 shares of the coffee company’s stock after selling 276 shares during the period. Covestor Ltd’s holdings in Starbucks were worth $70,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Quent Capital LLC increased its position in Starbucks by 9.6% in the 1st quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock worth $401,000 after purchasing an additional 385 shares during the last quarter. HBK Sorce Advisory LLC increased its holdings in Starbucks by 11.3% in the first quarter. HBK Sorce Advisory LLC now owns 9,507 shares of the coffee company’s stock worth $869,000 after buying an additional 967 shares during the last quarter. Leo Wealth LLC raised its position in Starbucks by 11.2% during the first quarter. Leo Wealth LLC now owns 2,815 shares of the coffee company’s stock valued at $257,000 after acquiring an additional 283 shares in the last quarter. Brighton Jones LLC lifted its stake in Starbucks by 8.7% in the first quarter. Brighton Jones LLC now owns 148,302 shares of the coffee company’s stock valued at $13,553,000 after acquiring an additional 11,903 shares during the last quarter. Finally, Cumberland Partners Ltd grew its position in Starbucks by 389.5% in the first quarter. Cumberland Partners Ltd now owns 68,703 shares of the coffee company’s stock worth $6,279,000 after acquiring an additional 54,668 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.98% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Wedbush lowered their price objective on Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Bank of America reduced their target price on Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and lowered their price target for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Finally, Barclays reduced their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.31.

Read Our Latest Stock Report on SBUX

Starbucks Stock Up 1.0 %

NASDAQ SBUX opened at $99.80 on Thursday. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The stock has a market cap of $113.09 billion, a P/E ratio of 30.15, a PEG ratio of 2.86 and a beta of 0.97. The company’s 50-day simple moving average is $96.30 and its 200 day simple moving average is $85.93.

Starbucks (NASDAQ:SBUXGet Free Report) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. The company had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.06 EPS. Research analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.44%. Starbucks’s dividend payout ratio (DPR) is presently 68.88%.

Starbucks Profile

(Free Report)

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.

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Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUXFree Report).

Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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