US Bancorp DE Trims Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

by · The Markets Daily

US Bancorp DE cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 3.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 986,504 shares of the coffee company’s stock after selling 36,775 shares during the period. US Bancorp DE owned about 0.09% of Starbucks worth $96,175,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of SBUX. Allspring Global Investments Holdings LLC increased its stake in Starbucks by 95.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 312,309 shares of the coffee company’s stock worth $28,542,000 after purchasing an additional 152,849 shares during the period. Kovack Advisors Inc. increased its stake in Starbucks by 1.8% during the first quarter. Kovack Advisors Inc. now owns 8,019 shares of the coffee company’s stock worth $733,000 after purchasing an additional 140 shares during the period. Diversify Advisory Services LLC purchased a new stake in Starbucks during the first quarter worth about $2,299,000. Prosperity Consulting Group LLC purchased a new stake in Starbucks during the first quarter worth about $268,000. Finally, Blue Trust Inc. increased its stake in shares of Starbucks by 25.2% during the first quarter. Blue Trust Inc. now owns 7,246 shares of the coffee company’s stock worth $662,000 after buying an additional 1,460 shares during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SBUX. Wedbush cut their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday. Stifel Nicolaus upped their target price on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and cut their target price for the stock from $80.00 to $76.00 in a research note on Tuesday, September 24th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. Finally, BMO Capital Markets upped their target price on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $103.32.

View Our Latest Analysis on SBUX

Starbucks Trading Up 0.4 %

SBUX stock opened at $97.70 on Friday. The company has a market capitalization of $110.71 billion, a P/E ratio of 29.52, a PEG ratio of 2.63 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The business has a 50 day simple moving average of $95.88 and a 200-day simple moving average of $85.37.

Starbucks (NASDAQ:SBUX – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. Starbucks had a negative return on equity of 45.15% and a net margin of 10.40%. The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same period last year, the company earned $1.06 earnings per share. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts predict that Starbucks Co. will post 3.45 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. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.50%. Starbucks’s dividend payout ratio (DPR) is currently 68.88%.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the director now directly owns 36,242 shares in the company, valued at $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 SEC, which is accessible through this link. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction 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 in the company, valued at approximately $7,057,327.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction 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 directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.98% of the company’s stock.

Starbucks Company Profile

(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.

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