First Fiduciary Investment Counsel Inc. Cuts Stock Position in Starbucks Co. (NASDAQ:SBUX)

First Fiduciary Investment Counsel Inc. lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 3.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,390 shares of the coffee company’s stock after selling 3,660 shares during the period. Starbucks accounts for approximately 1.7% of First Fiduciary Investment Counsel Inc.’s investment portfolio, making the stock its 27th largest holding. First Fiduciary Investment Counsel Inc.’s holdings in Starbucks were worth $8,715,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. Strategic Investment Solutions Inc. IL purchased a new position in Starbucks in the second quarter valued at about $25,000. New Millennium Group LLC purchased a new position in Starbucks in the second quarter valued at about $26,000. Stephens Consulting LLC grew its stake in Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after purchasing an additional 279 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in Starbucks in the second quarter valued at about $27,000. Finally, Olistico Wealth LLC acquired a new stake in Starbucks in the second quarter worth about $31,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, 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 transaction of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on SBUX shares. JPMorgan Chase & Co. raised their price target on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Wedbush lowered their price target on Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Stifel Nicolaus raised their price target on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $103.32.

Starbucks Price Performance

Starbucks stock opened at $97.55 on Friday. The stock has a market capitalization of $110.54 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 2.78 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The business has a 50 day simple moving average of $96.07 and a 200-day simple moving average of $85.81.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 earnings per share. On average, equities research analysts anticipate that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.50%. Starbucks’s payout ratio is 68.88%.

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.