Oppenheimer & Co. Inc. Sells 31,770 Shares of Starbucks Co. (NASDAQ:SBUX)

Oppenheimer & Co. Inc. cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 20.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,620 shares of the coffee company’s stock after selling 31,770 shares during the period. Oppenheimer & Co. Inc.’s holdings in Starbucks were worth $12,344,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Starbucks in the 2nd quarter worth about $25,000. New Millennium Group LLC purchased a new stake in Starbucks in the second quarter worth about $26,000. Stephens Consulting LLC boosted its position in Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after acquiring an additional 279 shares in the last quarter. Hobbs Group Advisors LLC purchased a new position in shares of Starbucks during the 2nd quarter worth approximately $27,000. Finally, Olistico Wealth LLC bought a new position in shares of Starbucks in the 2nd quarter worth approximately $31,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost 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 $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at $7,057,327.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by corporate insiders.

Starbucks Trading Down 0.7 %

Shares of Starbucks stock traded down $0.74 on Wednesday, hitting $98.06. 750,062 shares of the company traded hands, compared to its average volume of 11,146,471. The stock’s 50 day moving average price is $96.30 and its 200-day moving average price is $85.93. The company has a market cap of $111.12 billion, a PE ratio of 29.85, a PEG ratio of 2.91 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly 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 negative return on equity of 46.39% and a net margin of 10.40%. The company had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. The firm’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 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.49%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is presently 68.88%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SBUX. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and upped their price target for the stock from $85.00 to $118.00 in a research note on Wednesday, August 14th. UBS Group boosted their price objective on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Stifel Nicolaus increased their target price on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their price target on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $102.31.

About Starbucks

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.