Griffin Asset Management Inc. Has $10.61 Million Stake in Starbucks Co. (NASDAQ:SBUX)

Griffin Asset Management Inc. decreased its holdings in Starbucks Co. (NASDAQ:SBUX) by 2.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 116,296 shares of the coffee company’s stock after selling 2,825 shares during the period. Starbucks makes up about 1.2% of Griffin Asset Management Inc.’s portfolio, making the stock its 25th biggest position. Griffin Asset Management Inc.’s holdings in Starbucks were worth $10,612,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Magnolia Capital Advisors LLC acquired a new position in Starbucks during the 2nd quarter worth about $1,383,000. Silver Lake Advisory LLC bought a new stake in shares of Starbucks during the 2nd quarter valued at about $232,000. Sunbelt Securities Inc. boosted its position in shares of Starbucks by 105.8% during the 2nd quarter. Sunbelt Securities Inc. now owns 26,054 shares of the coffee company’s stock valued at $2,028,000 after purchasing an additional 13,393 shares in the last quarter. Invst LLC grew its stake in Starbucks by 5.7% during the second quarter. Invst LLC now owns 20,372 shares of the coffee company’s stock worth $1,571,000 after purchasing an additional 1,092 shares during the period. Finally, Quarry LP lifted its stake in Starbucks by 127.7% in the second quarter. Quarry LP now owns 3,145 shares of the coffee company’s stock valued at $245,000 after buying an additional 1,764 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analysts Set New Price Targets

SBUX has been the subject of several research reports. 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. Royal Bank of Canada reissued an “outperform” rating and issued a $115.00 price objective on shares of Starbucks in a research note on Friday. Bank of America lowered their target price on Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Barclays dropped their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Finally, Redburn Atlantic reissued a “sell” rating and set a $77.00 target price (down from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.08.

Insiders Place Their Bets

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

Starbucks Trading Up 1.2 %

NASDAQ:SBUX opened at $100.02 on Tuesday. The company has a market cap of $113.40 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 2.91 and a beta of 0.99. The company has a 50 day simple moving average of $95.66 and a two-hundred day simple moving average of $92.53. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion during 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%. Starbucks’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 earnings per share. Research analysts forecast that Starbucks Co. will post 3.08 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.44%. Starbucks’s payout ratio is currently 73.72%.

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.