Cigna Investments Inc. New Trims Stock Position in Starbucks Co. (NASDAQ:SBUX)

Cigna Investments Inc. New cut its position in Starbucks Co. (NASDAQ:SBUX) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,677 shares of the coffee company’s stock after selling 174 shares during the quarter. Cigna Investments Inc. New’s holdings in Starbucks were worth $1,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Starbucks by 0.4% during the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after purchasing an additional 470,498 shares in the last quarter. Legal & General Group Plc grew its stake in Starbucks by 2.6% in the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after buying an additional 221,718 shares in the last quarter. Flossbach Von Storch AG increased its holdings in shares of Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after buying an additional 2,897,282 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Starbucks by 5.2% during the 1st quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock valued at $495,145,000 after buying an additional 266,570 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new stake in shares of Starbucks during the 1st quarter worth $415,167,000. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

NASDAQ:SBUX opened at $97.70 on Friday. The firm has a 50-day simple moving average of $95.88 and a two-hundred day simple moving average of $85.37. The firm has a market cap of $110.71 billion, a P/E ratio of 29.52, a P/E/G ratio of 2.63 and a beta of 0.97. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. The company had revenue of $9.07 billion during 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 45.15%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.06 earnings per share. On average, equities research analysts predict that Starbucks Co. will post 3.45 EPS for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.50%. Starbucks’s dividend payout ratio (DPR) is 68.88%.

Analyst Ratings Changes

A number of research analysts recently commented on SBUX shares. DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. Citigroup raised their price objective on Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Stifel Nicolaus lifted their price target on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, UBS Group upped their price objective on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.32.

Insider Buying and Selling

In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by corporate insiders.

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.