Starbucks Corporation $SBUX Shares Sold by ANB Bank

ANB Bank cut its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 9.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,294 shares of the coffee company’s stock after selling 2,505 shares during the quarter. ANB Bank’s holdings in Starbucks were worth $2,226,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Game Plan Financial Advisors LLC acquired a new position in Starbucks in the 2nd quarter valued at $25,000. Chelsea Counsel Co. purchased a new stake in shares of Starbucks in the second quarter valued at $26,000. CBIZ Investment Advisory Services LLC increased its stake in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after purchasing an additional 159 shares during the last quarter. MTM Investment Management LLC purchased a new position in Starbucks during the second quarter worth about $28,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Starbucks in the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Dbs Bank downgraded shares of Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. JPMorgan Chase & Co. upped their price target on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Citigroup decreased their price target on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Piper Sandler dropped their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Finally, Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.44.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of Starbucks stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average cost of $85.00 per share, with a total value of $994,500.00. Following the transaction, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. The trade was a 28.26% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

Starbucks Stock Down 1.9%

Starbucks stock opened at $84.78 on Friday. The firm has a fifty day moving average of $83.76 and a 200-day moving average of $87.58. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The firm has a market capitalization of $96.37 billion, a P/E ratio of 51.70, a PEG ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The business had revenue of $9.57 billion for the quarter, compared to analyst estimates of $9.41 billion. During the same quarter in the previous year, the firm posted $0.80 EPS. The business’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s payout ratio is 151.22%.

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.