Starbucks Co. (NASDAQ:SBUX) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,165 shares of the coffee company’s stock after selling 432 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Starbucks were worth $1,477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Orca Investment Management LLC lifted its position in Starbucks by 6.6% in the fourth quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock worth $719,000 after purchasing an additional 466 shares during the period. Cerity Partners LLC lifted its position in Starbucks by 481.9% in the fourth quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock worth $148,567,000 after purchasing an additional 1,281,471 shares during the period. Cox Capital Mgt LLC lifted its position in Starbucks by 41.9% in the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock worth $4,142,000 after purchasing an additional 13,372 shares during the period. Summa Corp. bought a new position in shares of Starbucks in the fourth quarter valued at $384,000. Finally, Brevan Howard Capital Management LP bought a new position in shares of Starbucks in the fourth quarter valued at $2,781,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Down 0.4 %

SBUX stock traded down $0.31 during mid-day trading on Tuesday, reaching $76.24. 5,110,190 shares of the stock traded hands, compared to its average volume of 10,598,193. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The business has a 50-day moving average of $78.00 and a two-hundred day moving average of $85.66. The firm has a market capitalization of $86.36 billion, a PE ratio of 21.12, a P/E/G ratio of 1.80 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results 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 net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. During the same quarter last year, the company earned $0.74 earnings per share. The firm’s revenue was down 1.8% on a year-over-year basis. On average, equities research analysts anticipate that Starbucks Co. will post 3.57 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is 62.81%.

Insider Activity

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 transaction of $260,000.00. Following the completion of the transaction, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Rachel Ruggeri sold 3,750 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,250 shares of company stock valued at $579,375. Insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on SBUX. Bank of America upped their price target on Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 10th. BTIG Research dropped their price target on Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Citigroup dropped their price target on Starbucks from $85.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday. William Blair cut Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Finally, TD Cowen dropped their price target on Starbucks from $85.00 to $81.00 and set a “hold” rating on the stock in a report on Wednesday, July 17th. Seventeen analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $91.71.

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.