Independent Advisor Alliance Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Independent Advisor Alliance trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 35.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,082 shares of the coffee company’s stock after selling 16,856 shares during the quarter. Independent Advisor Alliance’s holdings in Starbucks were worth $2,933,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Strategic Investment Solutions Inc. IL purchased a new stake in Starbucks during the 2nd quarter valued at approximately $25,000. New Millennium Group LLC purchased a new stake in Starbucks during the 2nd quarter valued at approximately $26,000. Stephens Consulting LLC grew its holdings in Starbucks by 498.2% during 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 in the last quarter. Hobbs Group Advisors LLC purchased a new stake in Starbucks during the 2nd quarter valued at approximately $27,000. Finally, Olistico Wealth LLC purchased a new stake in Starbucks during the 2nd quarter valued at approximately $31,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of recent research reports. Royal Bank of Canada initiated coverage on shares of Starbucks in a report on Friday, November 15th. They issued an “outperform” rating and a $115.00 target price for the company. Bank of America cut their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Redburn Atlantic reissued a “sell” rating and issued a $77.00 target price (down from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. Finally, Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $102.81.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 1.06 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the transaction, the chief financial officer now directly owns 80,124 shares of the company’s stock, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Trading Down 0.6 %

Shares of Starbucks stock opened at $101.84 on Tuesday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32. The stock’s fifty day moving average price is $97.22 and its 200-day moving average price is $87.38. The firm has a market cap of $115.47 billion, a P/E ratio of 30.77, a P/E/G ratio of 3.00 and a beta of 0.97.

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. Analysts forecast that Starbucks Co. will post 3.12 earnings per share for the current year.

Starbucks Increases Dividend

The company 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 boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.40%. Starbucks’s dividend payout ratio is presently 73.72%.

Starbucks Company 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.