Pinnacle Financial Partners Inc Sells 17,924 Shares of Starbucks Co. (NASDAQ:SBUX)

Pinnacle Financial Partners Inc trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 60.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,531 shares of the coffee company’s stock after selling 17,924 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Starbucks were worth $1,124,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SBUX. Rossmore Private Capital raised its holdings in shares of Starbucks by 0.6% in the 3rd quarter. Rossmore Private Capital now owns 22,254 shares of the coffee company’s stock worth $2,155,000 after purchasing an additional 142 shares during the period. Hamel Associates Inc. increased its position in Starbucks by 3.9% in the third quarter. Hamel Associates Inc. now owns 24,028 shares of the coffee company’s stock worth $2,342,000 after buying an additional 897 shares during the last quarter. Souders Financial Advisors bought a new stake in shares of Starbucks in the third quarter valued at $244,000. Empower Advisory Group LLC lifted its position in shares of Starbucks by 9.3% during the 3rd quarter. Empower Advisory Group LLC now owns 1,333,250 shares of the coffee company’s stock valued at $129,979,000 after buying an additional 113,501 shares during the last quarter. Finally, RPG Investment Advisory LLC lifted its holdings in Starbucks by 1.5% during the third quarter. RPG Investment Advisory LLC now owns 88,206 shares of the coffee company’s stock valued at $8,599,000 after purchasing an additional 1,295 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

SBUX has been the topic of several research reports. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. TD Cowen reaffirmed a “buy” rating and issued a $110.00 price target on shares of Starbucks in a report on Monday. BTIG Research boosted their price objective on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. lifted their target price on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.31.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.98% of the stock is owned by corporate insiders.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $99.23 on Friday. The stock has a market capitalization of $112.45 billion, a P/E ratio of 29.98, a PEG ratio of 2.89 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm’s 50 day simple moving average is $96.45 and its two-hundred day simple moving average is $86.03.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS 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 net margin of 10.40% and a negative return on equity of 46.39%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.06 EPS. As a group, equities analysts expect that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.46%. Starbucks’s dividend payout ratio is currently 68.88%.

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.