Financial Advocates Investment Management Trims Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Financial Advocates Investment Management reduced its stake in Starbucks Co. (NASDAQ:SBUXFree Report) by 3.8% during the 3rd quarter, Holdings Channel reports. The fund owned 36,486 shares of the coffee company’s stock after selling 1,451 shares during the period. Financial Advocates Investment Management’s holdings in Starbucks were worth $3,557,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. JFS Wealth Advisors LLC lifted its position in Starbucks by 22.6% during the third quarter. JFS Wealth Advisors LLC now owns 3,271 shares of the coffee company’s stock worth $319,000 after buying an additional 602 shares during the period. SteelPeak Wealth LLC increased its stake in Starbucks by 25.4% during the third quarter. SteelPeak Wealth LLC now owns 26,068 shares of the coffee company’s stock worth $2,541,000 after acquiring an additional 5,286 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in Starbucks by 30.0% during the third quarter. Pinnacle Associates Ltd. now owns 236,285 shares of the coffee company’s stock worth $22,686,000 after acquiring an additional 54,468 shares during the last quarter. First Trust Direct Indexing L.P. increased its stake in Starbucks by 20.1% during the third quarter. First Trust Direct Indexing L.P. now owns 36,435 shares of the coffee company’s stock worth $3,552,000 after acquiring an additional 6,090 shares during the last quarter. Finally, Highline Wealth Partners LLC acquired a new stake in Starbucks during the third quarter worth about $1,119,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $97.32 on Thursday. The company has a market capitalization of $110.28 billion, a P/E ratio of 27.26, a price-to-earnings-growth ratio of 2.59 and a beta of 0.97. The business’s 50-day moving average price is $95.77 and its two-hundred day moving average price is $85.28. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUXGet Free Report) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. The company 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 firm’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.06 EPS. On average, equities analysts anticipate that Starbucks Co. will post 3.34 EPS for the current year.

Starbucks Increases Dividend

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

Analyst Ratings Changes

Several brokerages recently commented on SBUX. BTIG Research raised 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. Bank of America decreased their target price on Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Stifel Nicolaus reduced their price objective on Starbucks from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research report on Wednesday, August 21st. Finally, TD Cowen reiterated a “buy” rating and set a $110.00 price target on shares of Starbucks in a research report on Wednesday, October 23rd. Two investment 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $102.48.

Get Our Latest Report on Starbucks

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at $7,057,327.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This represents 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 insiders.

About Starbucks

(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.

Featured Stories

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)

Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.