Synovus Financial Corp Sells 15,300 Shares of Starbucks Co. (NASDAQ:SBUX)

Synovus Financial Corp trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 28.7% in the 3rd quarter, Holdings Channel reports. The fund owned 38,068 shares of the coffee company’s stock after selling 15,300 shares during the quarter. Synovus Financial Corp’s holdings in Starbucks were worth $3,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SBUX. Strategic Investment Solutions Inc. IL bought a new position in Starbucks during the second quarter valued at about $25,000. New Millennium Group LLC bought a new position in Starbucks during the second quarter worth about $26,000. Stephens Consulting LLC boosted its holdings in Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after purchasing an additional 279 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in shares of Starbucks in the 2nd quarter valued at approximately $27,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Starbucks in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Price Performance

Shares of SBUX stock opened at $97.42 on Friday. The stock has a 50-day moving average of $98.24 and a 200-day moving average of $89.52. Starbucks Co. has a one year low of $71.55 and a one year high of $103.32. The stock has a market cap of $110.45 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share 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 company had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same period last year, the business posted $1.06 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Starbucks Co. will post 3.11 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 annualized dividend and a yield of 2.50%. Starbucks’s dividend payout ratio is presently 73.72%.

Insider Buying and Selling at Starbucks

In other news, CFO Rachel Ruggeri sold 1,491 shares of Starbucks stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. The trade was a 1.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Wedbush dropped their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $92.00 to $115.00 in a research note on Thursday, September 26th. UBS Group raised their price objective on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, BMO Capital Markets boosted their target price on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.77.

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.