Bell Bank Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Bell Bank trimmed its stake in Starbucks Co. (NASDAQ:SBUX) by 6.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,418 shares of the coffee company’s stock after selling 1,010 shares during the period. Bell Bank’s holdings in Starbucks were worth $1,406,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Ontario Teachers Pension Plan Board bought a new position in shares of Starbucks in the first quarter worth approximately $415,167,000. Marshall Wace LLP increased its stake in Starbucks by 1,466.3% in the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after buying an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Starbucks during the second quarter valued at about $243,910,000. Capital World Investors purchased a new position in shares of Starbucks in the first quarter valued at about $257,721,000. Finally, Van ECK Associates Corp boosted its stake in shares of Starbucks by 108.1% in the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after acquiring an additional 2,324,847 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

SBUX opened at $99.80 on Thursday. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The stock has a market cap of $113.09 billion, a price-to-earnings ratio of 30.15, a P/E/G ratio of 2.86 and a beta of 0.97. The stock’s 50 day moving average price is $96.30 and its 200-day moving average price is $85.93.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same period in the prior year, the business posted $1.06 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, analysts predict that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

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

Analyst Ratings Changes

A number of research firms recently commented on SBUX. Morgan Stanley boosted their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Stifel Nicolaus raised their target price on shares of Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research note on Wednesday, August 21st. Finally, UBS Group raised their price objective on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.31.

Insider Buying and Selling at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.98% of the stock is currently owned by corporate insiders.

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.