CNB Bank Sells 1,556 Shares of Starbucks Co. (NASDAQ:SBUX)

CNB Bank lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 19.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,593 shares of the coffee company’s stock after selling 1,556 shares during the quarter. CNB Bank’s holdings in Starbucks were worth $602,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of Starbucks by 100.6% during the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after acquiring an additional 7,598,146 shares in the last quarter. FMR LLC raised its stake in Starbucks by 55.0% during the 3rd quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock valued at $1,928,339,000 after purchasing an additional 7,015,375 shares during the last quarter. Marshall Wace LLP boosted its holdings in Starbucks by 1,466.3% in the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Starbucks by 1,491.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock valued at $256,282,000 after purchasing an additional 2,632,087 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Starbucks by 1,078.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock worth $248,153,000 after purchasing an additional 2,329,431 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $95.35 on Friday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.32. The firm has a market capitalization of $108.11 billion, a P/E ratio of 28.82, a P/E/G ratio of 2.73 and a beta of 0.99. The company’s 50 day simple moving average is $95.92 and its 200 day simple moving average is $91.35.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 EPS. Sell-side analysts expect that Starbucks Co. will post 3.1 EPS for the current fiscal year.

Starbucks Announces Dividend

The company 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 $0.61 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.56%. Starbucks’s dividend payout ratio is 73.72%.

Insider Buying and Selling

In other news, CFO Rachel Ruggeri sold 1,491 shares of Starbucks stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total transaction of $148,414.14. Following the transaction, the chief financial officer now directly owns 80,124 shares of the company’s stock, valued at $7,975,542.96. This trade represents a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.98% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Barclays decreased their price target on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada assumed coverage on shares of Starbucks in a research note on Friday, November 15th. They issued an “outperform” rating and a $115.00 price objective for the company. TD Cowen reissued a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Monday, November 11th. Finally, Stifel Nicolaus upped their price objective on Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.92.

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.