Chartwell Investment Partners LLC Lowers Stock Position in Starbucks Co. (NASDAQ:SBUX)

Chartwell Investment Partners LLC lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 33.3% during the third quarter, Holdings Channel.com reports. The firm owned 30,000 shares of the coffee company’s stock after selling 15,000 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Starbucks were worth $2,925,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of SBUX. Ontario Teachers Pension Plan Board purchased a new stake in Starbucks in the 1st quarter valued at approximately $415,167,000. Marshall Wace LLP increased its holdings in shares of Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after buying an additional 3,136,992 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Starbucks during the 2nd quarter worth $243,910,000. Capital World Investors acquired a new stake in Starbucks in the 1st quarter valued at $257,721,000. Finally, Van ECK Associates Corp increased its holdings in Starbucks by 108.1% in the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after purchasing an additional 2,324,847 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SBUX. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research report on Wednesday, August 21st. Morgan Stanley increased their price target on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $118.00 in a research note on Wednesday, August 14th. Finally, Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $92.00 to $115.00 in a research note on Thursday, September 26th. 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 given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.32.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price 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. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $98.80 on Wednesday. The company’s 50 day simple moving average is $96.19 and its 200 day simple moving average is $85.86. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The firm has a market capitalization of $111.96 billion, a P/E ratio of 29.85, a P/E/G ratio of 2.83 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to analyst estimates of $9.60 billion. During the same period last year, the business posted $1.06 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Starbucks Co. will post 3.15 EPS 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 $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.47%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) 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.