CENTRAL TRUST Co Lowers Stake in Starbucks Co. (NASDAQ:SBUX)

CENTRAL TRUST Co trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 12.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 60,703 shares of the coffee company’s stock after selling 8,368 shares during the period. CENTRAL TRUST Co’s holdings in Starbucks were worth $5,918,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Starbucks during the 2nd quarter worth approximately $25,000. New Millennium Group LLC purchased a new position in Starbucks in the 2nd quarter valued at $26,000. Stephens Consulting LLC increased its stake in Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares during the period. Hobbs Group Advisors LLC purchased a new position in Starbucks during the 2nd quarter worth $27,000. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of Starbucks in the 2nd quarter worth $31,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

SBUX has been the subject of several analyst reports. Citigroup cut their price target on shares of Starbucks from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Wednesday. TD Cowen reaffirmed a “buy” rating and set a $110.00 price objective on shares of Starbucks in a report on Wednesday. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and raised their target price for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. Stifel Nicolaus decreased their target price on shares of Starbucks from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, UBS Group increased their price target on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $102.48.

Starbucks Stock Performance

Starbucks stock opened at $97.65 on Thursday. The company has a market cap of $110.61 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.14 and a beta of 0.97. The firm has a 50 day moving average price of $95.38 and a 200 day moving average price of $84.89. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period last year, the company posted $1.00 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. Sell-side analysts predict that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 annualized dividend and a yield of 2.50%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % 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 corporate insiders.

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.