ING Groep NV Cuts Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

ING Groep NV lowered its holdings in Starbucks Co. (NASDAQ:SBUX) by 90.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 98,130 shares of the coffee company’s stock after selling 970,166 shares during the quarter. ING Groep NV’s holdings in Starbucks were worth $9,567,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SBUX. Riverview Trust Co grew its position in shares of Starbucks by 3.4% in the 3rd quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock worth $312,000 after buying an additional 105 shares during the last quarter. Essex Savings Bank boosted its stake in Starbucks by 1.6% in the third quarter. Essex Savings Bank now owns 7,250 shares of the coffee company’s stock valued at $707,000 after acquiring an additional 112 shares in the last quarter. DT Investment Partners LLC grew its holdings in Starbucks by 39.4% in the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock worth $42,000 after purchasing an additional 121 shares during the last quarter. Childress Capital Advisors LLC increased its position in shares of Starbucks by 4.8% during the third quarter. Childress Capital Advisors LLC now owns 2,727 shares of the coffee company’s stock worth $266,000 after purchasing an additional 126 shares in the last quarter. Finally, Keystone Wealth Services LLC lifted its holdings in shares of Starbucks by 1.3% during the 3rd quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock valued at $990,000 after purchasing an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SBUX shares. Morgan Stanley boosted their target price on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group lowered Starbucks from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $76.00 in a research note on Tuesday, September 24th. UBS Group increased their price objective on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Finally, BTIG Research upped their price target on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.31.

Starbucks Stock Down 0.6 %

SBUX stock opened at $99.23 on Friday. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The company’s 50-day simple moving average is $96.45 and its 200-day simple moving average is $86.03. The firm has a market cap of $112.45 billion, a P/E ratio of 29.98, a PEG ratio of 2.89 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates 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 negative return on equity of 46.39% and a net margin of 10.40%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.06 EPS. On average, analysts anticipate 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. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.46%. Starbucks’s dividend payout ratio (DPR) is 68.88%.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 1.06 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.98% of the stock is owned by company insiders.

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.