MetLife Investment Management LLC Sells 8,214 Shares of Starbucks Co. (NASDAQ:SBUX)

MetLife Investment Management LLC cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 334,707 shares of the coffee company’s stock after selling 8,214 shares during the period. MetLife Investment Management LLC’s holdings in Starbucks were worth $32,631,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Dakota Wealth Management raised its stake 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. Weil Company Inc. lifted its holdings in shares of Starbucks by 31.2% in the 3rd quarter. Weil Company Inc. now owns 34,580 shares of the coffee company’s stock worth $3,371,000 after acquiring an additional 8,222 shares during the last quarter. Maia Wealth LLC grew its holdings in Starbucks by 69.1% during 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 raised its position in Starbucks by 48.5% during the 3rd quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company’s stock valued at $2,966,000 after purchasing an additional 9,936 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of Starbucks by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company’s stock worth $327,771,000 after buying an additional 9,900 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

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 purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the transaction, the chief financial officer now owns 65,648 shares of the company’s stock, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Starbucks Stock Performance

Shares of SBUX opened at $100.70 on Wednesday. The stock has a market capitalization of $114.17 billion, a P/E ratio of 30.42, a P/E/G ratio of 2.98 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $103.32. The company’s fifty day moving average is $97.30 and its two-hundred day moving average is $87.55.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same quarter last year, the business earned $1.06 earnings per share. Starbucks’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts predict that Starbucks Co. will post 3.12 EPS for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.42%. Starbucks’s payout ratio is currently 73.72%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SBUX shares. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Morgan Stanley upped their target price on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. UBS Group boosted their price target on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company increased their target price on shares of Starbucks from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $103.77.

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.