Starbucks Co. (NASDAQ:SBUX) Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 8.3% during the third quarter, HoldingsChannel reports. The fund owned 6,989 shares of the coffee company’s stock after selling 633 shares during the period. Sheets Smith Wealth Management’s holdings in Starbucks were worth $681,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Starbucks in the 2nd quarter worth approximately $25,000. New Millennium Group LLC acquired a new stake in Starbucks in the second quarter valued at $26,000. Stephens Consulting LLC increased its position in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Starbucks in the 2nd quarter worth about $27,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Starbucks in the 2nd quarter worth about $31,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 1.5 %

SBUX opened at $97.55 on Monday. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a market cap of $110.54 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 2.83 and a beta of 0.97. The company has a fifty day simple moving average of $96.07 and a 200 day simple moving average of $85.79.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting 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 negative return on equity of 46.39% and a net margin of 10.40%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 earnings per share. On average, analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.50%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is presently 73.72%.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks 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 transaction, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SBUX. Citigroup lifted their target price on shares of Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Stifel Nicolaus upped their target price on Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Bank of America dropped their price target on Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Finally, Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Two research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.32.

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.