Solidarity Wealth LLC Sells 10,395 Shares of Starbucks Co. (NASDAQ:SBUX)

Solidarity Wealth LLC reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 76.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,230 shares of the coffee company’s stock after selling 10,395 shares during the quarter. Solidarity Wealth LLC’s holdings in Starbucks were worth $315,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SBUX. Dakota Wealth Management increased 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 worth $5,439,000 after buying an additional 300 shares during the last quarter. Fidelis Capital Partners LLC lifted its stake in shares of Starbucks by 18.7% in the 1st quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock valued at $1,016,000 after purchasing an additional 1,751 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Starbucks in the 1st quarter worth approximately $136,000. BNP Paribas bought a new position in shares of Starbucks during the 1st quarter valued at approximately $9,332,000. Finally, Great Valley Advisor Group Inc. raised its holdings in Starbucks by 45.8% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 17,123 shares of the coffee company’s stock valued at $1,333,000 after buying an additional 5,377 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SBUX has been the topic of several recent analyst reports. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Wedbush reiterated a “neutral” rating and issued a $80.00 price target on shares of Starbucks in a report on Tuesday, August 13th. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus target price of $102.48.

Insider Activity at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Starbucks Stock Down 0.1 %

NASDAQ:SBUX opened at $97.32 on Thursday. The stock has a market capitalization of $110.28 billion, a price-to-earnings ratio of 27.26, a PEG ratio of 2.59 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The firm has a 50 day moving average of $95.77 and a 200 day moving average of $85.28.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.24). Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the prior year, the company posted $1.06 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, analysts expect that Starbucks Co. will post 3.34 EPS for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.51%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is 68.35%.

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.