Cadence Bank Sells 1,063 Shares of Starbucks Co. (NASDAQ:SBUX)

Cadence Bank trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 26.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,910 shares of the coffee company’s stock after selling 1,063 shares during the quarter. Cadence Bank’s holdings in Starbucks were worth $266,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. First Commonwealth Financial Corp PA raised its holdings in shares of Starbucks by 60.6% in the first quarter. First Commonwealth Financial Corp PA now owns 7,822 shares of the coffee company’s stock valued at $715,000 after acquiring an additional 2,953 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Starbucks by 5.7% in the first quarter. EP Wealth Advisors LLC now owns 627,899 shares of the coffee company’s stock valued at $57,384,000 after acquiring an additional 33,858 shares in the last quarter. Wellington Wealth Strategies LLC. purchased a new position in Starbucks in the first quarter valued at about $576,000. Covington Investment Advisors Inc. grew its stake in Starbucks by 5.3% in the first quarter. Covington Investment Advisors Inc. now owns 65,259 shares of the coffee company’s stock valued at $5,964,000 after purchasing an additional 3,285 shares during the last quarter. Finally, EntryPoint Capital LLC grew its stake in Starbucks by 47.6% in the first quarter. EntryPoint Capital LLC now owns 1,765 shares of the coffee company’s stock valued at $161,000 after purchasing an additional 569 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Performance

NASDAQ SBUX traded up $0.73 during trading hours on Friday, reaching $74.05. The stock had a trading volume of 12,384,122 shares, compared to its average volume of 10,694,470. The stock has a fifty day moving average of $77.95 and a 200 day moving average of $85.38. The stock has a market cap of $83.88 billion, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 1.69 and a beta of 0.94. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66.

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

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Insider Buying and Selling at Starbucks

In other news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was 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 approximately $5,234,480. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was 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 approximately $5,234,480. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,250 shares of company stock valued at $579,375. 1.98% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on SBUX shares. William Blair lowered Starbucks from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft cut their target price on Starbucks from $89.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. BMO Capital Markets cut their target price on Starbucks from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Monday. UBS Group cut their target price on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Finally, Citigroup dropped their price target on Starbucks from $85.00 to $80.00 and set a “neutral” rating on the stock in a research note on Monday. Seventeen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $91.71.

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.