Starbucks Co. (NASDAQ:SBUX) Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 22.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 10,439 shares of the coffee company’s stock after selling 2,950 shares during the period. Carnegie Investment Counsel’s holdings in Starbucks were worth $813,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of SBUX. Vanguard Group Inc. lifted its holdings in Starbucks by 0.4% in the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after acquiring an additional 470,498 shares during the last quarter. Norges Bank bought a new position in Starbucks during the 4th quarter worth $1,240,652,000. Fisher Asset Management LLC lifted its stake in Starbucks by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after buying an additional 268,030 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Starbucks by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,027,953 shares of the coffee company’s stock valued at $948,093,000 after acquiring an additional 27,496 shares during the period. Finally, Flossbach Von Storch AG grew its position in shares of Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after acquiring an additional 2,897,282 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares in the company, 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 valued at $865,514. 1.98% of the stock is owned by insiders.

Starbucks Price Performance

NASDAQ SBUX traded down $0.33 on Wednesday, hitting $92.68. 2,021,302 shares of the stock were exchanged, compared to its average volume of 12,011,898. The company’s 50-day moving average price is $78.71 and its two-hundred day moving average price is $83.85. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The company has a market capitalization of $104.98 billion, a price-to-earnings ratio of 25.49, a P/E/G ratio of 2.25 and a beta of 0.94.

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

Starbucks Announces Dividend

The business also recently disclosed 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 yield of 2.46%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. BTIG Research cut their price objective on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a report on Wednesday. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and raised their price target for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, BMO Capital Markets cut their price objective on shares of Starbucks from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.21.

About Starbucks

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.