Independence Bank of Kentucky Purchases 7,556 Shares of Starbucks Co. (NASDAQ:SBUX)

Independence Bank of Kentucky raised its position in Starbucks Co. (NASDAQ:SBUX) by 78.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,214 shares of the coffee company’s stock after purchasing an additional 7,556 shares during the quarter. Independence Bank of Kentucky’s holdings in Starbucks were worth $1,573,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Willow Creek Wealth Management Inc. grew its holdings in Starbucks by 3.0% during the 3rd quarter. Willow Creek Wealth Management Inc. now owns 3,305 shares of the coffee company’s stock worth $302,000 after acquiring an additional 97 shares in the last quarter. First National Trust Co raised its stake in Starbucks by 2.2% in the fourth quarter. First National Trust Co now owns 5,033 shares of the coffee company’s stock valued at $483,000 after buying an additional 106 shares in the last quarter. Quent Capital LLC lifted its holdings in Starbucks by 2.8% during the 4th quarter. Quent Capital LLC now owns 4,004 shares of the coffee company’s stock worth $384,000 after buying an additional 108 shares during the last quarter. Graybill Wealth Management LTD. boosted its position in shares of Starbucks by 0.3% during the 4th quarter. Graybill Wealth Management LTD. now owns 40,088 shares of the coffee company’s stock worth $3,849,000 after acquiring an additional 109 shares in the last quarter. Finally, Omega Financial Group LLC raised its position in shares of Starbucks by 3.2% during the 4th quarter. Omega Financial Group LLC now owns 3,613 shares of the coffee company’s stock worth $347,000 after acquiring an additional 113 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SBUX. JPMorgan Chase & Co. cut their price objective on shares of Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Citigroup reduced their price target on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. UBS Group dropped their price objective on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group initiated coverage on Starbucks in a report on Thursday, June 13th. They issued a “buy” rating and a $100.00 target price for the company. Finally, DZ Bank downgraded Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price target on the stock. in a research note on Friday, May 3rd. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $94.54.

Starbucks Stock Performance

SBUX stock traded down $1.39 during midday trading on Friday, hitting $77.85. 13,207,542 shares of the stock were exchanged, compared to its average volume of 10,825,160. The stock has a market cap of $88.18 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 1.73 and a beta of 0.96. Starbucks Co. has a fifty-two week low of $71.80 and a fifty-two week high of $107.66. The stock’s 50-day moving average price is $79.66 and its 200-day moving average price is $88.09.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same quarter in the prior year, the firm earned $0.74 earnings per share. Starbucks’s quarterly revenue was down 1.8% on a year-over-year basis. Research analysts anticipate that Starbucks Co. will post 3.59 EPS for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is currently 62.81%.

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.