Costello Asset Management INC Sells 7,690 Shares of Starbucks Co. (NASDAQ:SBUX)

Costello Asset Management INC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 18.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,939 shares of the coffee company’s stock after selling 7,690 shares during the period. Starbucks accounts for 2.1% of Costello Asset Management INC’s holdings, making the stock its 17th biggest holding. Costello Asset Management INC’s holdings in Starbucks were worth $3,211,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. 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. 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. LRI Investments LLC acquired a new position in shares of Starbucks during the first quarter worth $136,000. Capital Investment Services of America Inc. boosted its position in shares of Starbucks by 4.4% in the 3rd quarter. Capital Investment Services of America Inc. now owns 189,105 shares of the coffee company’s stock worth $18,436,000 after purchasing an additional 8,040 shares in the last quarter. Finally, Great Valley Advisor Group Inc. grew its stake 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 worth $1,333,000 after buying an additional 5,377 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SBUX shares. Barclays lowered their price target on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Stifel Nicolaus boosted their target price on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. 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. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Finally, Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $92.00 to $115.00 in a research note on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.32.

Starbucks Trading Up 1.5 %

NASDAQ SBUX opened at $97.55 on Friday. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The stock has a 50-day moving average of $96.07 and a 200 day moving average of $85.81. The stock has a market capitalization of $110.54 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 2.78 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. Equities analysts predict that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.50%. Starbucks’s dividend payout ratio (DPR) is currently 68.88%.

Insider Buying and Selling

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction 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 $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This represents a 0.00 % 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, CEO Michael Aaron Conway sold 3,250 shares of the business’s 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 transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. 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.

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.