Coastline Trust Co Sells 8,330 Shares of Starbucks Co. (NASDAQ:SBUX)

Coastline Trust Co trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 77.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,380 shares of the coffee company’s stock after selling 8,330 shares during the quarter. Coastline Trust Co’s holdings in Starbucks were worth $232,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Archer Investment Corp grew its stake in shares of Starbucks by 10.2% in the 3rd quarter. Archer Investment Corp now owns 2,301 shares of the coffee company’s stock worth $224,000 after buying an additional 213 shares in the last quarter. Valley Wealth Managers Inc. lifted its holdings in shares of Starbucks by 2.4% in the 3rd quarter. Valley Wealth Managers Inc. now owns 51,667 shares of the coffee company’s stock valued at $5,037,000 after acquiring an additional 1,192 shares during the last quarter. Empowered Funds LLC grew its position in Starbucks by 14.2% in the third quarter. Empowered Funds LLC now owns 39,941 shares of the coffee company’s stock worth $3,894,000 after acquiring an additional 4,966 shares in the last quarter. Empirical Finance LLC increased its stake in Starbucks by 2.1% during the third quarter. Empirical Finance LLC now owns 39,692 shares of the coffee company’s stock worth $3,870,000 after acquiring an additional 810 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC raised its position in Starbucks by 15.7% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 10,304 shares of the coffee company’s stock valued at $1,004,000 after purchasing an additional 1,400 shares during the period. 72.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $92.00 to $115.00 in a research report on Thursday, September 26th. 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. UBS Group lifted their price target on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Finally, Morgan Stanley increased their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.81.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of Starbucks stock opened at $98.42 on Friday. The company has a market capitalization of $111.53 billion, a PE ratio of 29.73, a P/E/G ratio of 2.85 and a beta of 0.97. The company has a 50-day simple moving average of $96.75 and a two-hundred day simple moving average of $86.18. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

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

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is currently 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.