Starbucks Co. (NASDAQ:SBUX) Stock Holdings Lessened by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. trimmed its stake in Starbucks Co. (NASDAQ:SBUX) by 35.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,361 shares of the coffee company’s stock after selling 3,487 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Starbucks were worth $620,000 at the end of the most recent quarter.

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

Insider Buying and Selling at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 1.06 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Rachel Ruggeri sold 1,491 shares of the firm’s 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 of the company’s stock, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Stock Up 2.4 %

Shares of SBUX stock opened at $102.50 on Monday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.60. The firm has a market cap of $116.21 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 3.00 and a beta of 0.97. The stock has a 50 day moving average of $97.11 and a 200-day moving average of $87.19.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $9.60 billion. During the same period in the prior year, the company earned $1.06 EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, equities analysts predict that Starbucks Co. will post 3.12 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.38%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is currently 73.72%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SBUX shares. 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. Royal Bank of Canada initiated coverage on shares of Starbucks in a research report on Friday, November 15th. They set an “outperform” rating and a $115.00 price objective on the stock. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and lowered their price target for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Finally, TD Cowen reiterated a “buy” rating and set a $110.00 price objective on shares of Starbucks in a report on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.81.

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.