Addenda Capital Inc. Cuts Holdings in Starbucks Co. (NASDAQ:SBUX)

Addenda Capital Inc. trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 0.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,032 shares of the coffee company’s stock after selling 224 shares during the period. Addenda Capital Inc.’s holdings in Starbucks were worth $7,214,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SBUX. Strategic Investment Solutions Inc. IL purchased a new position in Starbucks in the 2nd quarter valued at approximately $25,000. DT Investment Partners LLC increased its stake in Starbucks by 39.4% in the 3rd quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock valued at $42,000 after purchasing an additional 121 shares in the last quarter. FSA Wealth Management LLC purchased a new position in Starbucks in the 3rd quarter valued at approximately $49,000. Friedenthal Financial purchased a new position in Starbucks during the third quarter worth $50,000. Finally, Capital Performance Advisors LLP purchased a new position in Starbucks during the third quarter worth $71,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SBUX shares. Jefferies Financial Group downgraded 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 report on Tuesday, September 24th. Wells Fargo & Company raised their price target on Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Citigroup lifted their price objective on Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $92.00 to $115.00 in a research report on Thursday, September 26th. Finally, BTIG Research lifted their price objective on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.92.

Starbucks Stock Up 0.7 %

Shares of Starbucks stock opened at $95.13 on Tuesday. The firm has a market cap of $107.86 billion, a P/E ratio of 28.74, a P/E/G ratio of 2.82 and a beta of 0.99. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.32. The business has a 50-day moving average price of $95.84 and a 200 day moving average price of $91.71.

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 the consensus estimate of $0.80. The firm had revenue of $9.07 billion during 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%. Starbucks’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 earnings per share. As a group, equities research analysts anticipate that Starbucks Co. will post 3.1 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, February 14th. Starbucks’s dividend payout ratio is currently 73.72%.

Insider Activity

In other news, CFO Rachel Ruggeri sold 1,491 shares of the business’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 transaction of $148,414.14. Following the completion of the transaction, the chief financial officer now directly owns 80,124 shares in the company, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.98% of the company’s stock.

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.