Kirtland Hills Capital Management LLC Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Kirtland Hills Capital Management LLC decreased its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 18.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,615 shares of the coffee company’s stock after selling 2,234 shares during the quarter. Kirtland Hills Capital Management LLC’s holdings in Starbucks were worth $937,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Dakota Wealth Management grew its holdings in shares of Starbucks by 0.5% in the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock valued at $5,439,000 after purchasing an additional 300 shares during the period. Weil Company Inc. lifted its position in Starbucks by 31.2% in the third quarter. Weil Company Inc. now owns 34,580 shares of the coffee company’s stock valued at $3,371,000 after buying an additional 8,222 shares during the last quarter. Maia Wealth LLC lifted its position in Starbucks by 69.1% in the third quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company’s stock valued at $1,805,000 after buying an additional 7,596 shares during the last quarter. Aljian Capital Management LLC lifted its position in Starbucks by 48.5% in the third quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company’s stock valued at $2,966,000 after buying an additional 9,936 shares during the last quarter. Finally, Swiss National Bank lifted its position in Starbucks by 0.3% in the third quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company’s stock valued at $327,771,000 after buying an additional 9,900 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the transaction, the chief financial officer now directly owns 65,648 shares of the company’s stock, valued at $6,503,747.36. This represents a 2.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares in the company, valued at $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SBUX. Bank of America decreased their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Morgan Stanley increased their price target on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. BMO Capital Markets increased their price target on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, September 9th. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Finally, Stifel Nicolaus increased their price target on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.81.

Starbucks Price Performance

SBUX opened at $98.35 on Wednesday. The stock has a market capitalization of $111.45 billion, a price-to-earnings ratio of 29.71, a price-to-earnings-growth ratio of 2.85 and a beta of 0.97. The business has a 50-day moving average of $97.01 and a two-hundred day moving average of $86.62. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $105.47.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the previous year, the business earned $1.06 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders 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 represents a $2.44 dividend on an annualized basis and a dividend yield of 2.48%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is presently 73.72%.

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.