Raymond James Trust N.A. Trims Stock Position in Starbucks Co. (NASDAQ:SBUX)

Raymond James Trust N.A. lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,345 shares of the coffee company’s stock after selling 3,148 shares during the period. Raymond James Trust N.A.’s holdings in Starbucks were worth $12,317,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. AlphaCore Capital LLC grew its stake in Starbucks by 12.7% in the 3rd quarter. AlphaCore Capital LLC now owns 18,399 shares of the coffee company’s stock worth $1,794,000 after buying an additional 2,069 shares in the last quarter. 49 Wealth Management LLC lifted its holdings in shares of Starbucks by 12.6% in the 3rd quarter. 49 Wealth Management LLC now owns 5,529 shares of the coffee company’s stock worth $539,000 after acquiring an additional 619 shares during the last quarter. Eagle Asset Management Inc. bought a new stake in shares of Starbucks in the 3rd quarter worth approximately $48,143,000. Pacer Advisors Inc. raised its holdings in Starbucks by 4.0% during the 3rd quarter. Pacer Advisors Inc. now owns 139,527 shares of the coffee company’s stock valued at $13,602,000 after buying an additional 5,397 shares during the last quarter. Finally, Integrated Investment Consultants LLC raised its holdings in Starbucks by 14.2% during the 3rd quarter. Integrated Investment Consultants LLC now owns 3,691 shares of the coffee company’s stock valued at $360,000 after buying an additional 460 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Up 1.7 %

Shares of NASDAQ SBUX opened at $99.97 on Friday. The firm’s 50-day moving average price is $97.03 and its 200-day moving average price is $86.79. The company has a market cap of $113.29 billion, a PE ratio of 30.20, a PEG ratio of 2.85 and a beta of 0.97. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $104.68.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is 73.72%.

Analyst Upgrades and Downgrades

SBUX has been the subject of a number of recent analyst reports. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Royal Bank of Canada initiated coverage on shares of Starbucks in a report on Friday, November 15th. They set an “outperform” rating and a $115.00 price target for the company. Barclays lowered their price target on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Citigroup upped their price objective on shares of Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Redburn Atlantic restated a “sell” rating and issued a $77.00 price objective (down from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and an average price target of $102.81.

Insider Transactions at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 1.06 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 1,452 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $99.07, for a total transaction of $143,849.64. Following the transaction, the chief financial officer now owns 65,648 shares in the company, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

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.