State of Michigan Retirement System Sells 2,600 Shares of Starbucks Co. (NASDAQ:SBUX)

State of Michigan Retirement System trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,259 shares of the coffee company’s stock after selling 2,600 shares during the period. State of Michigan Retirement System’s holdings in Starbucks were worth $28,355,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Waverly Advisors LLC grew its stake in Starbucks by 15.7% during the third quarter. Waverly Advisors LLC now owns 5,343 shares of the coffee company’s stock valued at $488,000 after acquiring an additional 726 shares in the last quarter. SRS Capital Advisors Inc. grew its position in shares of Starbucks by 5.4% during the third quarter. SRS Capital Advisors Inc. now owns 4,258 shares of the coffee company’s stock valued at $389,000 after purchasing an additional 219 shares in the last quarter. Insigneo Advisory Services LLC increased its holdings in shares of Starbucks by 60.6% in the third quarter. Insigneo Advisory Services LLC now owns 9,464 shares of the coffee company’s stock worth $864,000 after purchasing an additional 3,570 shares during the last quarter. Truist Financial Corp lifted its position in shares of Starbucks by 9.0% in the third quarter. Truist Financial Corp now owns 861,789 shares of the coffee company’s stock worth $78,656,000 after buying an additional 71,181 shares in the last quarter. Finally, First National Bank of Omaha bought a new position in Starbucks during the third quarter valued at approximately $2,214,000. Institutional investors own 72.29% of the company’s stock.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is currently owned by company insiders.

Starbucks Trading Down 0.4 %

Shares of Starbucks stock traded down $0.30 during trading on Tuesday, hitting $76.83. 8,848,998 shares of the stock traded hands, compared to its average volume of 10,403,005. The stock’s fifty day simple moving average is $79.44 and its 200 day simple moving average is $87.80. The firm has a market cap of $87.03 billion, a P/E ratio of 21.14, a price-to-earnings-growth ratio of 1.70 and a beta of 0.94. Starbucks Co. has a 52-week low of $71.80 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. During the same quarter in the prior year, the firm posted $0.74 EPS. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities analysts expect that Starbucks Co. will post 3.59 EPS for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.57 per share. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a yield of 2.97%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Analysts Set New Price Targets

Several analysts have recently issued reports on SBUX shares. Stifel Nicolaus decreased their price objective on Starbucks from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Robert W. Baird decreased their price target on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 18th. HSBC dropped their price objective on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a research note on Friday, May 3rd. The Goldman Sachs Group started coverage on shares of Starbucks in a research report on Thursday, June 13th. They set a “buy” rating and a $100.00 target price on the stock. Finally, Guggenheim dropped their price target on Starbucks from $100.00 to $91.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $94.54.

Starbucks Company 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.