World Equity Group Inc. Sells 1,272 Shares of Starbucks Co. (NASDAQ:SBUX)

World Equity Group Inc. trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 35.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,287 shares of the coffee company’s stock after selling 1,272 shares during the period. World Equity Group Inc.’s holdings in Starbucks were worth $223,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Quent Capital LLC grew its stake in shares of Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock valued at $401,000 after buying an additional 385 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Starbucks by 17.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 22,757 shares of the coffee company’s stock worth $2,080,000 after acquiring an additional 3,450 shares during the period. Commerce Bank grew its position in shares of Starbucks by 2.7% during the first quarter. Commerce Bank now owns 195,519 shares of the coffee company’s stock valued at $17,868,000 after purchasing an additional 5,184 shares in the last quarter. Rehmann Capital Advisory Group increased its holdings in shares of Starbucks by 71.7% in the 1st quarter. Rehmann Capital Advisory Group now owns 11,485 shares of the coffee company’s stock worth $1,050,000 after buying an additional 4,797 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its stake in Starbucks by 27.7% in the first quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 3,141 shares of the coffee company’s stock worth $287,000 after purchasing an additional 681 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Shares of SBUX opened at $97.03 on Tuesday. The company has a market capitalization of $109.95 billion, a P/E ratio of 29.31, a P/E/G ratio of 3.17 and a beta of 0.97. The stock has a 50-day moving average price of $96.00 and a 200 day moving average price of $85.53. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for 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 company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 EPS. As a group, equities research analysts forecast that Starbucks Co. will post 3.22 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is presently 68.88%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. UBS Group increased their target price on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. BMO Capital Markets boosted their price target on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, September 9th. Finally, Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.32.

Insider Transactions at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

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.