Dakota Wealth Management Trims Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Dakota Wealth Management trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 19.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,493 shares of the coffee company’s stock after selling 13,486 shares during the quarter. Dakota Wealth Management’s holdings in Starbucks were worth $4,320,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new position in Starbucks in the fourth quarter worth approximately $38,000. Federated Hermes Inc. grew its stake in Starbucks by 22.7% in the fourth quarter. Federated Hermes Inc. now owns 67,595 shares of the coffee company’s stock worth $6,490,000 after purchasing an additional 12,495 shares in the last quarter. Beaumont Financial Advisors LLC grew its stake in Starbucks by 5.2% in the fourth quarter. Beaumont Financial Advisors LLC now owns 4,581 shares of the coffee company’s stock worth $440,000 after purchasing an additional 226 shares in the last quarter. Onyx Bridge Wealth Group LLC bought a new position in Starbucks in the fourth quarter worth approximately $243,000. Finally, J.W. Cole Advisors Inc. grew its stake in Starbucks by 14.4% in the fourth quarter. J.W. Cole Advisors Inc. now owns 7,159 shares of the coffee company’s stock worth $687,000 after purchasing an additional 901 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SBUX shares. Morgan Stanley reaffirmed an “overweight” rating and set a $98.00 target price on shares of Starbucks in a research report on Wednesday, July 31st. TD Cowen raised Starbucks from a “hold” rating to a “buy” rating and increased their target price for the company from $81.00 to $105.00 in a research report on Tuesday, August 13th. BTIG Research dropped their target price on Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. HSBC dropped their target price on Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Finally, Stifel Nicolaus raised Starbucks from a “hold” rating to a “buy” rating and increased their target price for the company from $80.00 to $110.00 in a research report on Wednesday, August 14th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.79.

Starbucks Trading Up 1.1 %

Shares of NASDAQ SBUX traded up $0.99 during trading on Tuesday, reaching $93.29. 5,175,733 shares of the company traded hands, compared to its average volume of 12,034,586. The firm’s fifty day simple moving average is $78.44 and its 200 day simple moving average is $83.85. The stock has a market cap of $105.67 billion, a P/E ratio of 25.69, a PEG ratio of 2.25 and a beta of 0.94. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same quarter last year, the business posted $1.00 EPS. The company’s revenue was down .6% on a year-over-year basis. As a group, research analysts expect that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 2.44%. Starbucks’s dividend payout ratio is presently 62.81%.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. Insiders sold a total of 13,540 shares of company stock worth $1,165,514 in the last 90 days. Corporate insiders own 1.98% of the company’s stock.

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.