MAI Capital Management Cuts Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

MAI Capital Management lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 28.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 70,692 shares of the coffee company’s stock after selling 27,940 shares during the period. MAI Capital Management’s holdings in Starbucks were worth $6,892,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dakota Wealth Management boosted its holdings in shares of Starbucks by 0.5% in the 3rd quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock valued at $5,439,000 after buying an additional 300 shares in the last quarter. Weil Company Inc. boosted its stake in Starbucks by 31.2% in the third quarter. Weil Company Inc. now owns 34,580 shares of the coffee company’s stock valued at $3,371,000 after acquiring an additional 8,222 shares in the last quarter. Maia Wealth LLC grew its holdings in Starbucks by 69.1% in the third quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company’s stock worth $1,805,000 after purchasing an additional 7,596 shares during the last quarter. Aljian Capital Management LLC increased its position in shares of Starbucks by 48.5% during the third quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company’s stock worth $2,966,000 after purchasing an additional 9,936 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Starbucks by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company’s stock valued at $327,771,000 after purchasing an additional 9,900 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $99.07, for a total value of $143,849.64. Following the completion of the sale, the chief financial officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jorgen Vig Knudstorp purchased 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, 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. The trade was a 1.06 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SBUX shares. Royal Bank of Canada assumed coverage on Starbucks in a research report on Friday. They set an “outperform” rating and a $115.00 target price on the stock. Barclays cut their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. BTIG Research raised their price target on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Three equities research analysts have rated the stock with a sell rating, nine have given 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 has an average rating of “Moderate Buy” and a consensus target price of $102.81.

Starbucks Trading Up 2.0 %

Shares of SBUX stock opened at $100.40 on Tuesday. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $105.47. The business’s 50 day moving average is $96.91 and its two-hundred day moving average is $86.44. The company has a market capitalization of $113.77 billion, a P/E ratio of 30.33, a P/E/G ratio of 2.85 and a beta of 0.97.

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

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.43%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s payout ratio is presently 73.72%.

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.