Bellevue Asset Management LLC Trims Stock Position in Starbucks Co. (NASDAQ:SBUX)

Bellevue Asset Management LLC reduced its stake in Starbucks Co. (NASDAQ:SBUX) by 7.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,168 shares of the coffee company’s stock after selling 5,015 shares during the quarter. Starbucks comprises 3.2% of Bellevue Asset Management LLC’s holdings, making the stock its 8th largest holding. Bellevue Asset Management LLC’s holdings in Starbucks were worth $6,256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. Dakota Wealth Management raised its position in shares of Starbucks by 0.5% in the 3rd quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock worth $5,439,000 after acquiring an additional 300 shares in the last quarter. Fidelis Capital Partners LLC raised its holdings in shares of Starbucks by 18.7% during the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock valued at $1,016,000 after purchasing an additional 1,751 shares during the period. LRI Investments LLC bought a new position in shares of Starbucks during the 1st quarter worth about $136,000. BNP Paribas acquired a new stake in shares of Starbucks in the 1st quarter valued at about $9,332,000. Finally, Great Valley Advisor Group Inc. increased its position in Starbucks by 45.8% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 17,123 shares of the coffee company’s stock valued at $1,333,000 after buying an additional 5,377 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Morgan Stanley raised their price objective on Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and cut their price target for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. BTIG Research upped their target price on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Citigroup cut their price objective on Starbucks from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $102.48.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The transaction 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 the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Starbucks Trading Down 0.1 %

Starbucks stock opened at $97.32 on Thursday. The firm’s 50 day simple moving average is $95.77 and its 200 day simple moving average is $85.28. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The firm has a market capitalization of $110.28 billion, a PE ratio of 27.26, a price-to-earnings-growth ratio of 2.59 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.24). The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 EPS. Research analysts forecast that Starbucks Co. will post 3.34 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.51%. Starbucks’s payout ratio is presently 68.35%.

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.