Grimes & Company Inc. Buys 3,178 Shares of Starbucks Co. (NASDAQ:SBUX)

Grimes & Company Inc. lifted its stake in Starbucks Co. (NASDAQ:SBUX) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,799 shares of the coffee company’s stock after acquiring an additional 3,178 shares during the quarter. Grimes & Company Inc.’s holdings in Starbucks were worth $7,019,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Operose Advisors LLC bought a new stake in Starbucks during the third quarter valued at approximately $53,000. CWA Asset Management Group LLC grew its position in Starbucks by 9.9% during the third quarter. CWA Asset Management Group LLC now owns 3,341 shares of the coffee company’s stock valued at $305,000 after buying an additional 300 shares during the period. Teza Capital Management LLC grew its position in Starbucks by 2,154.0% during the third quarter. Teza Capital Management LLC now owns 58,017 shares of the coffee company’s stock valued at $5,295,000 after buying an additional 55,443 shares during the period. Nine27 Capital Management LP bought a new stake in Starbucks during the third quarter valued at approximately $9,127,000. Finally, Corton Capital Inc. bought a new stake in Starbucks during the third quarter valued at approximately $467,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Price Performance

Shares of SBUX traded down $1.39 during midday trading on Friday, hitting $77.85. The stock had a trading volume of 13,207,542 shares, compared to its average volume of 10,825,160. Starbucks Co. has a 1 year low of $71.80 and a 1 year high of $107.66. The firm has a market cap of $88.18 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96. The stock’s 50 day moving average is $79.66 and its 200 day moving average is $88.02.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same period in the prior year, the company posted $0.74 EPS. The company’s revenue 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 fiscal year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at $6,264,320. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,750 shares of company stock worth $878,893. Insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Citigroup dropped their price target on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. William Blair lowered shares of Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. DZ Bank downgraded shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 target price on the stock. in a report on Friday, May 3rd. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Finally, TD Cowen reissued a “hold” rating and issued a $85.00 target price on shares of Starbucks in a report on Thursday, June 13th. Seventeen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Starbucks presently has an average rating of “Hold” and a consensus target price of $94.54.

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.