Stifel Financial Corp Sells 3,665,909 Shares of Starbucks Co. (NASDAQ:SBUX)

Stifel Financial Corp reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 80.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 881,777 shares of the coffee company’s stock after selling 3,665,909 shares during the quarter. Stifel Financial Corp’s holdings in Starbucks were worth $85,969,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Investment Advisors LLC boosted its position in shares of Starbucks by 21.9% during the second quarter. Capital Investment Advisors LLC now owns 17,002 shares of the coffee company’s stock valued at $1,324,000 after purchasing an additional 3,050 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in Starbucks during the second quarter valued at $38,000. Hexagon Capital Partners LLC boosted its holdings in shares of Starbucks by 73.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,163 shares of the coffee company’s stock valued at $168,000 after buying an additional 915 shares in the last quarter. Country Trust Bank grew its position in shares of Starbucks by 49.5% in the 2nd quarter. Country Trust Bank now owns 936 shares of the coffee company’s stock worth $73,000 after buying an additional 310 shares during the period. Finally, Thrive Wealth Management LLC bought a new position in shares of Starbucks in the 2nd quarter worth about $282,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Starbucks stock opened at $100.11 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $103.32. The stock has a fifty day moving average of $98.03 and a 200 day moving average of $88.61. The stock has a market cap of $113.50 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 2.95 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.06 EPS. As a group, sell-side analysts predict that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is currently 73.72%.

Insider Activity

In related news, CFO Rachel Ruggeri sold 1,452 shares of Starbucks stock in a transaction on Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the transaction, the chief financial officer now directly owns 65,648 shares in the company, valued at approximately $6,503,747.36. The trade was a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Redburn Atlantic reissued a “sell” rating and set a $77.00 price objective (down previously from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. UBS Group lifted their price objective on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Morgan Stanley boosted 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. Finally, Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and raised their price target for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, nine have issued 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, 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.