Pitcairn Co. Sells 1,182 Shares of Starbucks Co. (NASDAQ:SBUX)

Pitcairn Co. lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 5.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,608 shares of the coffee company’s stock after selling 1,182 shares during the quarter. Pitcairn Co.’s holdings in Starbucks were worth $2,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL purchased a new position in shares of Starbucks during the 2nd quarter valued at $25,000. New Millennium Group LLC purchased a new position in shares of Starbucks during the 2nd quarter valued at $26,000. Stephens Consulting LLC lifted its position in shares of 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 last quarter. Hobbs Group Advisors LLC purchased a new position in shares of Starbucks during the 2nd quarter valued at $27,000. Finally, MFA Wealth Advisors LLC purchased a new position in shares of Starbucks during the 2nd quarter valued at $31,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 2.4 %

Shares of NASDAQ SBUX opened at $102.50 on Friday. The stock has a market cap of $116.21 billion, a price-to-earnings ratio of 30.97, a P/E/G ratio of 2.90 and a beta of 0.97. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $103.60. The stock’s 50-day moving average is $97.11 and its 200 day moving average is $87.10.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. On average, analysts forecast that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. 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 yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s payout ratio is 73.72%.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction dated 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 completion of the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were 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 in the company, valued at $7,975,542.96. This trade represents a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SBUX. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and dropped their price target for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. UBS Group raised their target price on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $92.00 to $115.00 in a research note on Thursday, September 26th. TD Cowen restated a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Monday, November 11th. Finally, Citigroup raised their target price on Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.81.

Starbucks Company 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.