Starbucks Co. (NASDAQ:SBUX) Shares Sold by SouthState Corp

SouthState Corp lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 59.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,497 shares of the coffee company’s stock after selling 5,218 shares during the period. SouthState Corp’s holdings in Starbucks were worth $341,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SBUX. Quent Capital LLC increased its holdings in shares of Starbucks by 9.6% in the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock valued at $401,000 after purchasing an additional 385 shares during the period. Pitcairn Co. increased its holdings in shares of Starbucks by 3.1% in the first quarter. Pitcairn Co. now owns 12,394 shares of the coffee company’s stock valued at $1,133,000 after purchasing an additional 369 shares during the period. Evermay Wealth Management LLC increased its holdings in shares of Starbucks by 88.2% in the first quarter. Evermay Wealth Management LLC now owns 1,048 shares of the coffee company’s stock valued at $96,000 after purchasing an additional 491 shares during the period. Crewe Advisors LLC acquired a new position in shares of Starbucks in the first quarter valued at approximately $207,000. Finally, EntryPoint Capital LLC increased its holdings in shares of Starbucks by 47.6% in the first quarter. EntryPoint Capital LLC now owns 1,765 shares of the coffee company’s stock valued at $161,000 after purchasing an additional 569 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Performance

SBUX stock opened at $98.35 on Wednesday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $105.47. The firm has a market cap of $111.45 billion, a P/E ratio of 29.71, a price-to-earnings-growth ratio of 2.85 and a beta of 0.97. The stock has a 50-day simple moving average of $97.01 and a 200-day simple moving average of $86.62.

Starbucks (NASDAQ:SBUX) last posted 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. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter last year, the firm earned $1.06 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities research analysts predict that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.48%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is currently 73.72%.

Insider Activity at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $99.07, for a total value of $143,849.64. Following the completion of the transaction, the chief financial officer now directly owns 65,648 shares of the company’s stock, valued at $6,503,747.36. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SBUX. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Royal Bank of Canada began coverage on Starbucks in a report on Friday, November 15th. They set an “outperform” rating and a $115.00 price objective on the stock. Finally, DZ Bank downgraded Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a research report on Wednesday, August 21st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.81.

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.