Verus Capital Partners LLC Sells 1,710 Shares of Starbucks Co. (NASDAQ:SBUX)

Verus Capital Partners LLC lowered its holdings in Starbucks Co. (NASDAQ:SBUX) by 16.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,440 shares of the coffee company’s stock after selling 1,710 shares during the quarter. Verus Capital Partners LLC’s holdings in Starbucks were worth $823,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in 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 acquiring an additional 470,498 shares during the period. Legal & General Group Plc grew its position 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 purchasing an additional 221,718 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in Starbucks in the 1st quarter worth $415,167,000. Van ECK Associates Corp increased its holdings in shares of Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after purchasing an additional 2,324,847 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after buying an additional 3,136,992 shares during the last quarter. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

SBUX opened at $98.80 on Wednesday. The stock has a market capitalization of $111.96 billion, a P/E ratio of 29.85, a price-to-earnings-growth ratio of 2.91 and a beta of 0.97. The company’s 50 day simple moving average is $96.19 and its 200-day simple moving average is $85.86. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The firm 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 business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company earned $1.06 EPS. As a group, analysts anticipate that Starbucks Co. will post 3.15 EPS for the current 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 dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. 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 2.47%. Starbucks’s dividend payout ratio is presently 68.88%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SBUX. Barclays lowered their price target on Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. BTIG Research boosted their price objective on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. TD Cowen restated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research note on Monday. Finally, Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $103.32.

Insider Activity

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired 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 approximately $3,316,143. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction on Friday, September 6th. The stock was bought 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 of the company’s stock, valued at approximately $3,316,143. This trade 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.

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.