Fifth Third Bancorp Has $24.23 Million Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Fifth Third Bancorp lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 20.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 311,261 shares of the coffee company’s stock after selling 81,335 shares during the period. Fifth Third Bancorp’s holdings in Starbucks were worth $24,232,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SBUX. Tennessee Valley Asset Management Partners bought a new stake in shares of Starbucks during the fourth quarter worth about $38,000. Federated Hermes Inc. grew its holdings in Starbucks by 22.7% during the 4th quarter. Federated Hermes Inc. now owns 67,595 shares of the coffee company’s stock worth $6,490,000 after acquiring an additional 12,495 shares during the last quarter. Beaumont Financial Advisors LLC increased its position in Starbucks by 5.2% in the 4th quarter. Beaumont Financial Advisors LLC now owns 4,581 shares of the coffee company’s stock valued at $440,000 after acquiring an additional 226 shares during the period. J.W. Cole Advisors Inc. raised its stake in shares of Starbucks by 14.4% during the fourth quarter. J.W. Cole Advisors Inc. now owns 7,159 shares of the coffee company’s stock valued at $687,000 after acquiring an additional 901 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its holdings in shares of Starbucks by 23.5% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 30,246 shares of the coffee company’s stock worth $2,904,000 after purchasing an additional 5,761 shares during the period. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Down 0.2 %

SBUX stock traded down $0.23 during mid-day trading on Wednesday, reaching $92.78. 6,764,838 shares of the company traded hands, compared to its average volume of 12,041,361. The firm’s 50 day moving average price is $78.71 and its 200 day moving average price is $83.85. The stock has a market cap of $105.09 billion, a price-to-earnings ratio of 25.49, a P/E/G ratio of 2.25 and a beta of 0.94. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Starbucks’s quarterly revenue was down .6% on a year-over-year basis. On average, analysts anticipate that Starbucks Co. will post 3.55 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is currently 62.81%.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,790 shares of company stock worth $865,514. 1.98% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on SBUX. William Blair lowered Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. TD Cowen raised Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $81.00 to $105.00 in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their target price for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Morgan Stanley restated an “overweight” rating and issued a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company decreased their price objective on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $99.21.

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.