ProVise Management Group LLC Buys 621 Shares of Starbucks Co. (NASDAQ:SBUX)

ProVise Management Group LLC raised its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,994 shares of the coffee company’s stock after buying an additional 621 shares during the period. ProVise Management Group LLC’s holdings in Starbucks were worth $5,664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Riggs Asset Managment Co. Inc. boosted its position in Starbucks by 1,578.9% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares during the period. Cypress Capital Management LLC WY boosted its holdings in shares of Starbucks by 133.1% in the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock worth $31,000 after buying an additional 185 shares during the last quarter. Atticus Wealth Management LLC boosted its holdings in shares of Starbucks by 153.8% in the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Evolution Advisers Inc. purchased a new position in shares of Starbucks in the fourth quarter worth approximately $36,000. Finally, Tennessee Valley Asset Management Partners purchased a new position in shares of Starbucks in the fourth quarter worth approximately $38,000. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

NASDAQ SBUX traded up $0.56 during mid-day trading on Friday, hitting $78.87. The stock had a trading volume of 10,742,320 shares, compared to its average volume of 10,282,116. Starbucks Co. has a twelve month low of $71.80 and a twelve month high of $107.66. The stock has a market capitalization of $89.34 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 1.76 and a beta of 0.97. The firm’s 50 day moving average is $84.31 and its 200 day moving average is $92.05.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The business had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period in the previous year, the business posted $0.74 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SBUX shares. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Friday, April 19th. Citigroup reduced their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. HSBC reduced their price objective on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Stephens restated an “equal weight” rating and issued a $110.00 price target on shares of Starbucks in a research report on Wednesday, January 31st. Finally, Wedbush dropped their price objective on shares of Starbucks from $95.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, April 26th. Seventeen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $96.43.

Insider Buying and Selling at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 4,000 shares of company stock worth $342,050 over the last ninety days. Corporate insiders own 1.98% of the company’s stock.

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.