Intact Investment Management Inc. Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Intact Investment Management Inc. decreased its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 27.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,430 shares of the coffee company’s stock after selling 20,570 shares during the quarter. Intact Investment Management Inc.’s holdings in Starbucks were worth $4,160,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SBUX. Vanguard Group Inc. boosted its position in Starbucks by 0.4% in the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after buying an additional 470,498 shares during the last quarter. Norges Bank purchased a new position in shares of Starbucks during the fourth quarter worth $1,240,652,000. Fisher Asset Management LLC raised its holdings in shares of Starbucks by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock worth $1,090,654,000 after purchasing an additional 260,489 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in 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 purchasing an additional 27,496 shares during the period. Finally, Flossbach Von Storch AG boosted its holdings in Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after purchasing an additional 2,897,282 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

NASDAQ SBUX traded down $0.29 during trading hours on Friday, hitting $94.57. 7,117,159 shares of the company’s stock traded hands, compared to its average volume of 12,037,227. The firm’s 50-day moving average is $81.06 and its 200-day moving average is $83.98. 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 $107.12 billion, a PE ratio of 26.05, a PEG ratio of 2.28 and a beta of 0.94.

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

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Buying and Selling

In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value 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 approximately $5,697,682.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,790 shares of company stock worth $865,514. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SBUX shares. Citigroup boosted their price objective on Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the company from $80.00 to $110.00 in a report on Wednesday, August 14th. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and raised their price target for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.