Meeder Advisory Services Inc. Reduces Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Meeder Advisory Services Inc. lessened its position in shares of Starbucks Co. (NASDAQ:SBUX) by 5.4% during the 3rd quarter, Holdings Channel reports. The firm owned 28,853 shares of the coffee company’s stock after selling 1,631 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Starbucks were worth $2,813,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently modified their holdings of SBUX. Marshall Wace LLP raised its holdings in Starbucks by 1,466.3% in the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after purchasing an additional 3,136,992 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in Starbucks in the 2nd quarter worth about $243,910,000. Capital World Investors acquired a new position in Starbucks in the 1st quarter worth about $257,721,000. Van ECK Associates Corp raised its holdings in Starbucks by 108.1% in the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after purchasing an additional 2,324,847 shares during the period. Finally, National Bank of Canada FI raised its holdings in shares of Starbucks by 89.2% during the second quarter. National Bank of Canada FI now owns 2,553,739 shares of the coffee company’s stock valued at $196,943,000 after acquiring an additional 1,204,153 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Down 0.4 %

NASDAQ SBUX opened at $98.00 on Monday. The stock has a market cap of $111.05 billion, a P/E ratio of 29.73, a PEG ratio of 2.85 and a beta of 0.97. The company’s 50-day simple moving average is $96.75 and its 200 day simple moving average is $86.26. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $105.47.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.06 earnings per share. Research analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently announced 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 of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.49%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is presently 68.88%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and increased their target price for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Royal Bank of Canada assumed coverage on Starbucks in a report on Friday. They set an “outperform” rating and a $115.00 target price for the company. Wedbush reduced their target price on Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Finally, Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and increased their target price for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $102.81.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.98% of the stock is currently owned by insiders.

Starbucks Company 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.