Palisade Asset Management LLC Has $568,000 Stock Position in Starbucks Co. (NASDAQ:SBUX)

Palisade Asset Management LLC cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 29.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,829 shares of the coffee company’s stock after selling 2,447 shares during the period. Palisade Asset Management LLC’s holdings in Starbucks were worth $568,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Quent Capital LLC grew its position in shares of Starbucks by 9.6% in the 1st quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock valued at $401,000 after acquiring an additional 385 shares during the period. LRI Investments LLC bought a new position in Starbucks during the first quarter worth about $136,000. Kestra Advisory Services LLC raised its stake in Starbucks by 18.8% in the first quarter. Kestra Advisory Services LLC now owns 147,695 shares of the coffee company’s stock valued at $13,498,000 after buying an additional 23,326 shares during the period. London & Capital Asset Management Ltd lifted its position in shares of Starbucks by 3.8% in the first quarter. London & Capital Asset Management Ltd now owns 402,640 shares of the coffee company’s stock valued at $36,797,000 after buying an additional 14,670 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its stake in shares of Starbucks by 34.6% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 19,510 shares of the coffee company’s stock worth $1,783,000 after acquiring an additional 5,010 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Insider Activity at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction 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 trade represents a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 80,124 shares of the company’s stock, valued at $7,975,542.96. The trade was a 1.83 % 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 company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on SBUX. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and cut their price target for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. BMO Capital Markets lifted their target price on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Morgan Stanley raised their price objective 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. Finally, Wedbush lowered their target price on Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and an average target price of $102.81.

Starbucks Stock Up 2.4 %

Shares of SBUX stock opened at $102.50 on Friday. The business has a fifty day simple moving average of $97.11 and a 200 day simple moving average of $87.00. The company has a market cap of $116.21 billion, a P/E ratio of 30.97, a P/E/G ratio of 2.90 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $103.60.

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

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.38%. Starbucks’s dividend payout ratio is 73.72%.

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.