Savvy Advisors Inc. Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Savvy Advisors Inc. trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 5.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,656 shares of the coffee company’s stock after selling 248 shares during the period. Savvy Advisors Inc.’s holdings in Starbucks were worth $454,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SBUX. Quent Capital LLC lifted its position in Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock worth $401,000 after buying an additional 385 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Starbucks by 10.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 61,856 shares of the coffee company’s stock worth $5,653,000 after acquiring an additional 5,805 shares during the last quarter. TBH Global Asset Management LLC boosted its position in shares of Starbucks by 7.4% during the 1st quarter. TBH Global Asset Management LLC now owns 7,318 shares of the coffee company’s stock valued at $669,000 after acquiring an additional 506 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in shares of Starbucks by 10.8% during the 1st quarter. Kingsview Wealth Management LLC now owns 139,202 shares of the coffee company’s stock valued at $12,722,000 after acquiring an additional 13,540 shares during the last quarter. Finally, HBK Sorce Advisory LLC increased its position in Starbucks by 11.3% during the first quarter. HBK Sorce Advisory LLC now owns 9,507 shares of the coffee company’s stock worth $869,000 after purchasing an additional 967 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on SBUX. Barclays decreased their target price on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. JPMorgan Chase & Co. raised their target price on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and upped their price target for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Finally, BMO Capital Markets raised their price objective on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, September 9th. 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.32.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value 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 approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Starbucks Stock Down 1.5 %

Shares of Starbucks stock opened at $98.80 on Wednesday. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The company has a 50 day moving average of $96.19 and a 200 day moving average of $85.86. The company has a market capitalization of $111.96 billion, a P/E ratio of 29.85, a P/E/G ratio of 2.91 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the previous year, the firm posted $1.06 earnings per share. The company’s revenue was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is 68.88%.

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.