Grimes & Company Inc. Has $3.39 Million Position in Starbucks Co. (NASDAQ:SBUX)

Grimes & Company Inc. lowered its holdings in Starbucks Co. (NASDAQ:SBUX) by 62.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,757 shares of the coffee company’s stock after selling 57,026 shares during the quarter. Grimes & Company Inc.’s holdings in Starbucks were worth $3,389,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Hennion & Walsh Asset Management Inc. grew its position in Starbucks by 31.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,766 shares of the coffee company’s stock valued at $367,000 after purchasing an additional 909 shares during the period. Patrick M Sweeney & Associates Inc. boosted its holdings in Starbucks by 3.2% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 5,035 shares of the coffee company’s stock worth $491,000 after acquiring an additional 155 shares during the last quarter. YHB Investment Advisors Inc. boosted its holdings in Starbucks by 3.1% during the 3rd quarter. YHB Investment Advisors Inc. now owns 5,408 shares of the coffee company’s stock worth $527,000 after acquiring an additional 162 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Starbucks by 11,217.0% during the 3rd quarter. International Assets Investment Management LLC now owns 752,355 shares of the coffee company’s stock worth $73,347,000 after acquiring an additional 745,707 shares during the last quarter. Finally, McAdam LLC boosted its holdings in Starbucks by 4.4% during the 3rd quarter. McAdam LLC now owns 6,085 shares of the coffee company’s stock worth $593,000 after acquiring an additional 255 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insider Activity at Starbucks

In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred 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 acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Starbucks Stock Up 1.1 %

Shares of NASDAQ SBUX traded up $1.04 during midday trading on Thursday, reaching $98.69. The company had a trading volume of 1,318,287 shares, compared to its average volume of 6,261,100. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm’s fifty day moving average price is $95.38 and its 200-day moving average price is $84.89. The stock has a market cap of $111.84 billion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the previous year, the company posted $1.00 EPS. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. As a group, equities research analysts expect that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is currently 63.87%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SBUX shares. UBS Group lifted 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. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. Barclays lifted their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. Finally, TD Cowen reiterated a “buy” rating and set a $110.00 target price on shares of Starbucks in a research note on Wednesday. Two 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.48.

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.