Principal Financial Group Inc. Sells 50,992 Shares of Starbucks Co. (NASDAQ:SBUX)

Principal Financial Group Inc. trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,444,016 shares of the coffee company’s stock after selling 50,992 shares during the period. Principal Financial Group Inc. owned 0.22% of Starbucks worth $238,267,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Starbucks during the second quarter worth about $25,000. New Millennium Group LLC purchased a new stake in Starbucks during the 2nd quarter valued at approximately $26,000. Stephens Consulting LLC raised its position in shares of 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 buying an additional 279 shares during the last quarter. Financial Connections Group Inc. purchased a new position in shares of Starbucks in the second quarter worth $31,000. Finally, Fairfield Financial Advisors LTD bought a new position in shares of Starbucks during the second quarter worth $41,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and reduced their price target for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their target price on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Wells Fargo & Company raised their price target on Starbucks from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. BMO Capital Markets upped their price objective on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. Finally, Royal Bank of Canada assumed coverage on shares of Starbucks in a report on Friday, November 15th. They issued an “outperform” rating and a $115.00 target price for the company. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.77.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $88.76 on Friday. The firm’s 50 day simple moving average is $97.87 and its 200-day simple moving average is $89.79. Starbucks Co. has a one year low of $71.55 and a one year high of $103.32. The firm has a market cap of $100.64 billion, a PE ratio of 26.82, a price-to-earnings-growth ratio of 2.86 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $9.60 billion. During the same period last year, the business posted $1.06 EPS. Starbucks’s quarterly revenue was down 3.2% on a year-over-year basis. Equities research analysts predict that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Friday, February 14th. Starbucks’s dividend payout ratio (DPR) is presently 73.72%.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the sale, the chief financial officer now owns 65,648 shares in the company, valued at $6,503,747.36. This represents a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.98% of the stock is owned by company insiders.

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.