SVB Wealth LLC Sells 1,799 Shares of Starbucks Co. (NASDAQ:SBUX)

SVB Wealth LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 2.2% during the 1st quarter, Holdings Channel.com reports. The firm owned 80,522 shares of the coffee company’s stock after selling 1,799 shares during the quarter. SVB Wealth LLC’s holdings in Starbucks were worth $7,359,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Orca Investment Management LLC grew its stake in shares of Starbucks by 6.6% during the fourth quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock valued at $719,000 after purchasing an additional 466 shares during the last quarter. Cerity Partners LLC boosted its stake in Starbucks by 481.9% in the fourth quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock valued at $148,567,000 after acquiring an additional 1,281,471 shares during the last quarter. Cox Capital Mgt LLC boosted its stake in Starbucks by 41.9% in the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after acquiring an additional 13,372 shares during the last quarter. Summa Corp. bought a new position in Starbucks in the fourth quarter valued at approximately $384,000. Finally, Brevan Howard Capital Management LP bought a new position in Starbucks in the fourth quarter valued at approximately $2,781,000. 72.29% of the stock is owned by institutional investors.

Insider Transactions at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares in the company, valued at approximately $6,264,320. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold 7,250 shares of company stock worth $579,375 in the last quarter. Company insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. TD Cowen reduced their price objective on shares of Starbucks from $85.00 to $81.00 and set a “hold” rating on the stock in a research note on Wednesday, July 17th. Jefferies Financial Group cut their target price on shares of Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Wedbush cut their target price on shares of Starbucks from $81.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. Finally, Evercore ISI lowered shares of Starbucks from an “outperform” rating to an “inline” rating and cut their target price for the stock from $92.00 to $80.00 in a report on Tuesday, July 16th. Seventeen equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Starbucks has an average rating of “Hold” and an average target price of $91.71.

Starbucks Trading Up 1.6 %

Shares of SBUX traded up $1.15 during mid-day trading on Monday, reaching $75.20. The company’s stock had a trading volume of 10,860,466 shares, compared to its average volume of 10,700,343. The company’s fifty day moving average price is $77.88 and its two-hundred day moving average price is $85.13. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The stock has a market cap of $85.18 billion, a PE ratio of 20.69, a P/E/G ratio of 1.68 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. Research analysts anticipate that Starbucks Co. will post 3.57 EPS for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend 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.