Bellevue Asset Management LLC Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Bellevue Asset Management LLC trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 7.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,168 shares of the coffee company’s stock after selling 5,015 shares during the period. Starbucks comprises approximately 3.2% of Bellevue Asset Management LLC’s portfolio, making the stock its 8th largest position. Bellevue Asset Management LLC’s holdings in Starbucks were worth $6,256,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. JFS Wealth Advisors LLC boosted its holdings in Starbucks by 22.6% during the 3rd quarter. JFS Wealth Advisors LLC now owns 3,271 shares of the coffee company’s stock valued at $319,000 after acquiring an additional 602 shares during the period. SteelPeak Wealth LLC lifted its position in Starbucks by 25.4% in the third quarter. SteelPeak Wealth LLC now owns 26,068 shares of the coffee company’s stock valued at $2,541,000 after purchasing an additional 5,286 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Starbucks by 30.0% during the third quarter. Pinnacle Associates Ltd. now owns 236,285 shares of the coffee company’s stock valued at $22,686,000 after purchasing an additional 54,468 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of Starbucks by 20.1% in the third quarter. First Trust Direct Indexing L.P. now owns 36,435 shares of the coffee company’s stock worth $3,552,000 after purchasing an additional 6,090 shares during the last quarter. Finally, Highline Wealth Partners LLC purchased a new position in shares of Starbucks in the third quarter worth $1,119,000. 72.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SBUX shares. Robert W. Baird upgraded shares of 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 research report on Tuesday, August 13th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. TD Cowen reiterated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a report on Wednesday, October 23rd. UBS Group boosted their target price on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Finally, DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target for the company. in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.48.

Insider Transactions at Starbucks

In other news, 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 transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Starbucks Stock Down 0.1 %

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. The firm has a 50 day moving average price of $95.77 and a 200-day moving average price of $85.28. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share 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 firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the company earned $1.06 earnings per share. Starbucks’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, analysts expect that Starbucks Co. will post 3.34 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost 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.