Drive Wealth Management LLC Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Drive Wealth Management LLC trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 1.8% in the 4th quarter, HoldingsChannel reports. The firm owned 10,195 shares of the coffee company’s stock after selling 190 shares during the quarter. Drive Wealth Management LLC’s holdings in Starbucks were worth $930,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dakota Wealth Management increased its holdings in Starbucks by 0.5% in the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock valued at $5,439,000 after buying an additional 300 shares in the last quarter. Weil Company Inc. raised its stake in Starbucks by 31.2% during the third quarter. Weil Company Inc. now owns 34,580 shares of the coffee company’s stock worth $3,371,000 after purchasing an additional 8,222 shares during the period. Maia Wealth LLC lifted its stake in shares of Starbucks by 69.1% in the 3rd quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company’s stock valued at $1,805,000 after purchasing an additional 7,596 shares during the last quarter. Aljian Capital Management LLC increased its position in shares of Starbucks by 48.5% during the third quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company’s stock valued at $2,966,000 after acquiring an additional 9,936 shares during the last quarter. Finally, Investment Management Corp of Ontario raised its position in Starbucks by 48.6% in the third quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company’s stock valued at $3,664,000 after purchasing an additional 12,300 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. 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. TD Cowen reaffirmed a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research report on Monday, November 11th. Barclays cut their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. BTIG Research raised their price target on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Wedbush reduced their target price on Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $103.92.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Starbucks stock opened at $98.81 on Monday. The firm has a market cap of $112.03 billion, a price-to-earnings ratio of 29.85, a price-to-earnings-growth ratio of 2.91 and a beta of 0.99. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $103.32. The firm’s 50 day moving average price is $95.66 and its two-hundred day moving average price is $92.39.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The business had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. Starbucks’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.06 earnings per share. As a group, equities analysts predict that Starbucks Co. will post 3.08 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Friday, February 14th. Starbucks’s dividend payout ratio is 73.72%.

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.