Conning Inc. Lowers Position in Starbucks Co. (NASDAQ:SBUX)

Conning Inc. decreased its position in Starbucks Co. (NASDAQ:SBUX) by 8.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 371,438 shares of the coffee company’s stock after selling 34,818 shares during the period. Conning Inc.’s holdings in Starbucks were worth $33,894,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp boosted its holdings in shares of Starbucks by 1.0% in the third quarter. State Street Corp now owns 45,974,407 shares of the coffee company’s stock valued at $4,482,045,000 after acquiring an additional 437,218 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Starbucks by 1.4% in the third quarter. Geode Capital Management LLC now owns 24,277,756 shares of the coffee company’s stock valued at $2,358,464,000 after acquiring an additional 333,004 shares in the last quarter. FMR LLC boosted its holdings in shares of Starbucks by 55.0% in the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock valued at $1,928,339,000 after acquiring an additional 7,015,375 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Starbucks by 100.6% in the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock valued at $1,476,967,000 after acquiring an additional 7,598,146 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of Starbucks by 2.9% in the third quarter. Fisher Asset Management LLC now owns 11,762,684 shares of the coffee company’s stock valued at $1,146,744,000 after acquiring an additional 327,734 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

NASDAQ:SBUX opened at $112.20 on Friday. The firm has a 50 day simple moving average of $96.93 and a 200-day simple moving average of $94.32. The firm has a market cap of $127.45 billion, a PE ratio of 36.19, a P/E/G ratio of 3.52 and a beta of 1.00. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $112.62.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same quarter last year, the business earned $0.90 earnings per share. As a group, sell-side analysts expect that Starbucks Co. will post 3 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, February 14th. Starbucks’s dividend payout ratio (DPR) is 78.71%.

Insider Buying and Selling

In related news, CFO Rachel Ruggeri sold 1,452 shares of the company’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 transaction of $143,849.64. Following the completion of the transaction, the chief financial officer now owns 65,648 shares of the company’s stock, valued at approximately $6,503,747.36. This represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.09% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Royal Bank of Canada reissued an “outperform” rating and set a $115.00 price objective on shares of Starbucks in a report on Friday, January 24th. Wedbush boosted their price objective on shares of Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. BMO Capital Markets boosted their price objective on shares of Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Finally, Redburn Atlantic reissued a “sell” rating and set a $77.00 price objective (down previously from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $105.33.

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.