Independence Bank of Kentucky Has $1.57 Million Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Independence Bank of Kentucky raised its position in Starbucks Co. (NASDAQ:SBUX) by 78.2% in the 1st quarter, Holdings Channel reports. The firm owned 17,214 shares of the coffee company’s stock after buying an additional 7,556 shares during the period. Independence Bank of Kentucky’s holdings in Starbucks were worth $1,573,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norris Perne & French LLP MI increased its position in shares of Starbucks by 3.3% during the first quarter. Norris Perne & French LLP MI now owns 4,253 shares of the coffee company’s stock worth $389,000 after acquiring an additional 137 shares in the last quarter. S.E.E.D. Planning Group LLC lifted its holdings in shares of Starbucks by 38.9% in the first quarter. S.E.E.D. Planning Group LLC now owns 19,321 shares of the coffee company’s stock valued at $1,766,000 after purchasing an additional 5,409 shares in the last quarter. Astoria Portfolio Advisors LLC. lifted its holdings in shares of Starbucks by 2.0% in the first quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock valued at $544,000 after purchasing an additional 127 shares in the last quarter. Norway Savings Bank grew its holdings in shares of Starbucks by 3.3% during the first quarter. Norway Savings Bank now owns 10,587 shares of the coffee company’s stock worth $968,000 after buying an additional 340 shares in the last quarter. Finally, Sawyer & Company Inc raised its position in Starbucks by 2.7% in the 1st quarter. Sawyer & Company Inc now owns 29,971 shares of the coffee company’s stock valued at $2,739,000 after buying an additional 794 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SBUX. BTIG Research reduced their target price on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Stifel Nicolaus decreased their price objective on Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a report on Wednesday, May 1st. Wells Fargo & Company dropped their target price on Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. TD Cowen restated a “hold” rating and issued a $85.00 price target on shares of Starbucks in a research note on Thursday, June 13th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Friday, April 19th. Seventeen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Starbucks currently has a consensus rating of “Hold” and a consensus target price of $94.54.

Starbucks Price Performance

NASDAQ SBUX traded down $1.39 during trading hours on Friday, reaching $77.85. The company’s stock had a trading volume of 13,207,542 shares, compared to its average volume of 10,825,160. The firm has a fifty day simple moving average of $79.66 and a 200-day simple moving average of $88.09. Starbucks Co. has a 52 week low of $71.80 and a 52 week high of $107.66. The stock has a market cap of $88.18 billion, a P/E ratio of 21.45, a P/E/G ratio of 1.73 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. Starbucks’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.74 earnings per share. On average, research analysts expect that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.57 per share. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a yield of 2.93%. Starbucks’s dividend payout ratio is currently 62.81%.

Insiders Place Their Bets

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is owned by corporate insiders.

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.