Anchor Investment Management LLC Lowers Holdings in Starbucks Co. (NASDAQ:SBUX)

Anchor Investment Management LLC trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 12,365 shares of the coffee company’s stock after selling 262 shares during the quarter. Anchor Investment Management LLC’s holdings in Starbucks were worth $1,205,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SBUX. Tudor Financial Inc. purchased a new stake in Starbucks in the third quarter valued at about $1,352,000. Invst LLC raised its stake in Starbucks by 1.9% in the third quarter. Invst LLC now owns 20,767 shares of the coffee company’s stock valued at $2,025,000 after buying an additional 395 shares during the last quarter. TCW Group Inc. raised its stake in Starbucks by 223.2% in the third quarter. TCW Group Inc. now owns 51,430 shares of the coffee company’s stock valued at $5,014,000 after buying an additional 35,515 shares during the last quarter. TD Private Client Wealth LLC raised its stake in Starbucks by 9.1% in the third quarter. TD Private Client Wealth LLC now owns 32,712 shares of the coffee company’s stock valued at $3,189,000 after buying an additional 2,733 shares during the last quarter. Finally, Virtue Capital Management LLC raised its stake in Starbucks by 1.7% in the third quarter. Virtue Capital Management LLC now owns 6,909 shares of the coffee company’s stock valued at $674,000 after buying an additional 115 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 Starbucks stock opened at $97.82 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $103.32. The company has a market cap of $110.91 billion, a price-to-earnings ratio of 29.55, a PEG ratio of 2.89 and a beta of 0.97. The business’s 50 day moving average price is $98.17 and its 200 day moving average price is $89.25.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter last year, the business posted $1.06 earnings per share. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, analysts predict that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 dividend on an annualized basis and a yield of 2.49%. Starbucks’s payout ratio is 73.72%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. TD Cowen reissued a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a report on Monday, November 11th. BTIG Research increased their price objective on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Jefferies Financial Group lowered Starbucks from a “hold” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Finally, Stifel Nicolaus raised their target price on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and a consensus target price of $103.77.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the sale, the chief financial officer now owns 80,124 shares of the company’s stock, valued at $7,975,542.96. This trade represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.98% of the stock is currently owned by company insiders.

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.