First Citizens Bank & Trust Co. lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 8.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,850 shares of the coffee company’s stock after selling 248 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Starbucks were worth $245,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in SBUX. Public Employees Retirement Association of Colorado lifted its holdings in shares of Starbucks by 3.9% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 223,354 shares of the coffee company’s stock valued at $14,683,000 after acquiring an additional 8,364 shares in the last quarter. APG Asset Management N.V. lifted its holdings in shares of Starbucks by 1.1% during the 1st quarter. APG Asset Management N.V. now owns 4,546,743 shares of the coffee company’s stock valued at $298,903,000 after acquiring an additional 48,857 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Starbucks by 15.1% during the 1st quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock valued at $1,112,717,000 after acquiring an additional 2,219,969 shares in the last quarter. BDO Wealth Advisors LLC lifted its holdings in shares of Starbucks by 2,235.5% during the 1st quarter. BDO Wealth Advisors LLC now owns 724 shares of the coffee company’s stock valued at $48,000 after acquiring an additional 693 shares in the last quarter. Finally, New England Asset Management Inc. acquired a new position in shares of Starbucks during the 1st quarter valued at $335,000. Institutional investors own 68.36% of the company’s stock.
SBUX stock opened at $88.52 on Friday. Starbucks Co. has a 52-week low of $50.02 and a 52-week high of $94.13. The company’s 50 day simple moving average is $86.35 and its 200-day simple moving average is $78.11. The firm has a market capitalization of $103.48 billion, a P/E ratio of 79.75, a P/E/G ratio of 6.38 and a beta of 0.81.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Tuesday, November 10th. This is a positive change from Starbucks’s previous quarterly dividend of $0.41. Starbucks’s dividend payout ratio is currently 57.95%.
Several equities analysts recently weighed in on SBUX shares. Morgan Stanley lifted their target price on shares of Starbucks from $79.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday. Cowen upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $77.00 to $99.00 in a report on Wednesday, September 30th. Telsey Advisory Group boosted their price objective on shares of Starbucks from $80.00 to $90.00 and gave the stock a “market perform” rating in a report on Wednesday, September 30th. Wedbush boosted their price objective on shares of Starbucks from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Starbucks from $76.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, September 21st. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $86.73.
In other news, CEO Kevin R. Johnson sold 107,762 shares of the stock in a transaction on Friday, October 9th. The shares were sold at an average price of $90.08, for a total transaction of $9,707,200.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Myron E. Ullman III sold 4,252 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $84.77, for a total transaction of $360,442.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 153,764 shares of company stock worth $13,404,656. Company insiders own 0.41% of the company’s stock.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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