Hartford Investment Management Co. Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Hartford Investment Management Co. cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 1.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,270 shares of the coffee company’s stock after selling 1,245 shares during the quarter. Hartford Investment Management Co.’s holdings in Starbucks were worth $6,948,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SBUX. AdvisorNet Financial Inc increased its stake in Starbucks by 45.5% in the first quarter. AdvisorNet Financial Inc now owns 2,024 shares of the coffee company’s stock valued at $185,000 after purchasing an additional 633 shares during the last quarter. Global Assets Advisory LLC purchased a new position in shares of Starbucks during the 1st quarter worth about $3,219,000. Columbus Macro LLC boosted its position in shares of Starbucks by 17.2% in the first quarter. Columbus Macro LLC now owns 6,437 shares of the coffee company’s stock worth $588,000 after acquiring an additional 947 shares during the last quarter. Sound Income Strategies LLC grew its holdings in Starbucks by 282.5% in the first quarter. Sound Income Strategies LLC now owns 9,520 shares of the coffee company’s stock valued at $870,000 after purchasing an additional 7,031 shares during the period. Finally, Brookstone Capital Management increased its position in Starbucks by 18.7% during the first quarter. Brookstone Capital Management now owns 22,345 shares of the coffee company’s stock worth $2,042,000 after purchasing an additional 3,516 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. raised their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. TD Cowen reiterated a “buy” rating and set a $110.00 target price on shares of Starbucks in a report on Wednesday. Citigroup decreased their price objective on shares of Starbucks from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and raised their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.08.

Insider Buying and Selling

In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. This trade represents a 0.00 % 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 stock traded down $0.98 during midday trading on Wednesday, reaching $95.84. 3,923,086 shares of the company were exchanged, compared to its average volume of 11,309,064. The company’s 50 day moving average price is $95.31 and its two-hundred day moving average price is $84.80. The company has a market cap of $108.56 billion, a P/E ratio of 25.63, a PEG ratio of 2.14 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period in the previous year, the company earned $1.00 earnings per share. Starbucks’s revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts predict that Starbucks Co. will post 3.55 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.61 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.55%. Starbucks’s dividend payout ratio is currently 62.81%.

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.