Washington Trust Advisors Inc. Decreases Holdings in Starbucks Co. (NASDAQ:SBUX)

Washington Trust Advisors Inc. decreased its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 1.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 197,610 shares of the coffee company’s stock after selling 2,107 shares during the quarter. Starbucks comprises 1.7% of Washington Trust Advisors Inc.’s holdings, making the stock its 21st biggest position. Washington Trust Advisors Inc.’s holdings in Starbucks were worth $19,265,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SBUX. Dakota Wealth Management lifted its holdings in Starbucks by 0.5% during the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock valued at $5,439,000 after purchasing an additional 300 shares in the last quarter. Maia Wealth LLC lifted its stake in shares of Starbucks by 69.1% in the third quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company’s stock worth $1,805,000 after buying an additional 7,596 shares in the last quarter. LRI Investments LLC purchased a new position in shares of Starbucks in the first quarter worth about $136,000. Capital Investment Services of America Inc. lifted its stake in shares of Starbucks by 4.4% in the third quarter. Capital Investment Services of America Inc. now owns 189,105 shares of the coffee company’s stock worth $18,436,000 after buying an additional 8,040 shares in the last quarter. Finally, Great Valley Advisor Group Inc. lifted its stake in shares of Starbucks by 45.8% in the second quarter. Great Valley Advisor Group Inc. now owns 17,123 shares of the coffee company’s stock worth $1,333,000 after buying an additional 5,377 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Price Performance

NASDAQ:SBUX opened at $97.55 on Friday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The firm has a 50 day simple moving average of $96.07 and a 200-day simple moving average of $85.81. The firm has a market cap of $110.54 billion, a PE ratio of 29.47, a P/E/G ratio of 2.78 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. The company had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. Starbucks’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 earnings per share. As a group, sell-side analysts expect that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.50%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is currently 68.88%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SBUX. Bank of America reduced their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Citigroup lifted their target price on shares of Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, DZ Bank downgraded shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.32.

Insider Activity at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease 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 link. 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 sale, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value 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 disclosure for this purchase can be found here. 1.98% of the stock is currently owned by 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.