MainStreet Investment Advisors LLC Sells 11,325 Shares of Starbucks Co. (NASDAQ:SBUX)

MainStreet Investment Advisors LLC decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 8.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 121,782 shares of the coffee company’s stock after selling 11,325 shares during the period. Starbucks comprises approximately 1.2% of MainStreet Investment Advisors LLC’s holdings, making the stock its 26th biggest position. MainStreet Investment Advisors LLC’s holdings in Starbucks were worth $9,481,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Cox Capital Mgt LLC raised its stake in Starbucks by 41.9% during the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock worth $4,142,000 after acquiring an additional 13,372 shares during the period. Brevan Howard Capital Management LP bought a new stake in shares of Starbucks during the 4th quarter valued at $2,781,000. Sanibel Captiva Trust Company Inc. purchased a new position in shares of Starbucks during the 4th quarter valued at $31,246,000. Fidelis Capital Partners LLC boosted its holdings in Starbucks by 18.7% in the 1st quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock worth $1,016,000 after buying an additional 1,751 shares during the period. Finally, Bell & Brown Wealth Advisors LLC purchased a new position in shares of Starbucks in the fourth quarter valued at about $4,048,000. Institutional investors own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SBUX. The Goldman Sachs Group began coverage on Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research note on Wednesday, August 21st. Finally, Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.42.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $91.15 on Friday. The business’s 50 day moving average price is $82.41 and its 200-day moving average price is $83.88. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The company has a market cap of $103.29 billion, a price-to-earnings ratio of 25.11, a PEG ratio of 2.21 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the company earned $1.00 earnings per share. Sell-side analysts predict that Starbucks Co. will post 3.56 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were paid a $0.57 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.50%. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Activity

In related news, CEO Rachel Ruggeri sold 3,290 shares of the 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 transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other 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 value of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,790 shares of company stock valued at $865,514. Corporate insiders own 1.98% of the company’s stock.

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.