Peloton Wealth Strategists Decreases Stock Position in Starbucks Co. (NASDAQ:SBUX)

Peloton Wealth Strategists decreased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 13.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,450 shares of the coffee company’s stock after selling 4,400 shares during the period. Peloton Wealth Strategists’ holdings in Starbucks were worth $2,871,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Starbucks by 100.6% in the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock valued at $1,476,967,000 after purchasing an additional 7,598,146 shares in the last quarter. FMR LLC increased its stake in Starbucks by 55.0% during the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock valued at $1,928,339,000 after purchasing an additional 7,015,375 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after purchasing an additional 3,136,992 shares during the period. Diamond Hill Capital Management Inc. bought a new position in shares of Starbucks in the 2nd quarter worth about $243,910,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Starbucks by 1,078.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock valued at $248,153,000 after buying an additional 2,329,431 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now directly owns 80,124 shares of the company’s stock, valued at approximately $7,975,542.96. This trade represents a 1.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.98% of the stock is owned by company insiders.

Starbucks Stock Up 0.9 %

Shares of Starbucks stock opened at $100.11 on Monday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32. The stock has a market cap of $113.50 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 2.94 and a beta of 0.97. The business has a fifty day simple moving average of $98.09 and a 200-day simple moving average of $88.90.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter last year, the business posted $1.06 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. Analysts expect that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.44%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Friday, November 15th. Starbucks’s payout ratio is currently 73.72%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SBUX. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Royal Bank of Canada began coverage on Starbucks in a research report on Friday, November 15th. They issued an “outperform” rating and a $115.00 target price on the stock. BMO Capital Markets boosted their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, September 9th. Stifel Nicolaus upped their price target on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.77.

About Starbucks

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.