STF Management LP Lowers Position in Starbucks Co. (NASDAQ:SBUX)

STF Management LP cut its stake in Starbucks Co. (NASDAQ:SBUX) by 9.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,371 shares of the coffee company’s stock after selling 1,737 shares during the period. STF Management LP’s holdings in Starbucks were worth $1,596,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Riverview Trust Co lifted its holdings in Starbucks by 3.4% in the third quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock worth $312,000 after buying an additional 105 shares during the period. Essex Savings Bank lifted its holdings in shares of Starbucks by 1.6% during the third quarter. Essex Savings Bank now owns 7,250 shares of the coffee company’s stock valued at $707,000 after purchasing an additional 112 shares during the last quarter. DT Investment Partners LLC lifted its holdings in shares of Starbucks by 39.4% during the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock valued at $42,000 after purchasing an additional 121 shares during the last quarter. Childress Capital Advisors LLC lifted its holdings in shares of Starbucks by 4.8% during the third quarter. Childress Capital Advisors LLC now owns 2,727 shares of the coffee company’s stock valued at $266,000 after purchasing an additional 126 shares during the last quarter. Finally, Keystone Wealth Services LLC lifted its holdings in shares of Starbucks by 1.3% during the third quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock valued at $990,000 after purchasing an additional 130 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Morgan Stanley lifted their target price on shares of Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $102.81.

Insider Buying and Selling

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

Starbucks Trading Up 1.7 %

NASDAQ:SBUX opened at $99.97 on Friday. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $104.68. The stock has a 50-day moving average price of $97.03 and a 200 day moving average price of $86.79. The stock has a market capitalization of $113.29 billion, a P/E ratio of 30.20, a P/E/G ratio of 2.85 and a beta of 0.97.

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

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.44%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is currently 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.