Starbucks Co. (NASDAQ:SBUX) Shares Sold by Montecito Bank & Trust

Montecito Bank & Trust lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 12.2% in the third quarter, HoldingsChannel.com reports. The fund owned 6,183 shares of the coffee company’s stock after selling 858 shares during the quarter. Montecito Bank & Trust’s holdings in Starbucks were worth $603,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cozad Asset Management Inc. acquired a new stake in Starbucks during the 3rd quarter worth about $241,000. WoodTrust Financial Corp lifted its position in Starbucks by 6.0% during the 3rd quarter. WoodTrust Financial Corp now owns 74,394 shares of the coffee company’s stock worth $7,253,000 after acquiring an additional 4,179 shares during the period. Vickerman Investment Advisors Inc. raised its stake in shares of Starbucks by 0.5% during the 3rd quarter. Vickerman Investment Advisors Inc. now owns 31,711 shares of the coffee company’s stock valued at $3,092,000 after buying an additional 169 shares during the last quarter. Graypoint LLC raised its stake in shares of Starbucks by 21.5% during the 3rd quarter. Graypoint LLC now owns 8,454 shares of the coffee company’s stock valued at $824,000 after buying an additional 1,498 shares during the last quarter. Finally, M&G PLC purchased a new position in shares of Starbucks during the 3rd quarter valued at about $14,148,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SBUX. Jefferies Financial Group lowered Starbucks from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Morgan Stanley lifted their price target on Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. JPMorgan Chase & Co. lifted their price target on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Finally, Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and a consensus price target of $103.32.

Starbucks Stock Performance

SBUX opened at $96.12 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The stock has a market capitalization of $108.92 billion, a PE ratio of 29.04, a P/E/G ratio of 2.81 and a beta of 0.97. The business’s 50 day moving average price is $95.99 and its 200 day moving average price is $85.67.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same period in the prior year, the firm posted $1.06 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared 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. This represents a $2.44 dividend on an annualized basis and a yield of 2.54%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio is 73.72%.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by 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.