Associated Banc Corp Lowers Stock Holdings in Starbucks Corporation $SBUX

Associated Banc Corp lessened its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 1.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,827 shares of the coffee company’s stock after selling 925 shares during the quarter. Associated Banc Corp’s holdings in Starbucks were worth $7,589,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Nuveen LLC acquired a new position in Starbucks during the 1st quarter worth $1,379,619,000. Polen Capital Management LLC purchased a new position in shares of Starbucks in the 1st quarter valued at about $503,539,000. Goldman Sachs Group Inc. grew its position in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock worth $943,948,000 after buying an additional 3,589,537 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after buying an additional 3,545,655 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in Starbucks by 22.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,578,977 shares of the coffee company’s stock valued at $511,202,000 after acquiring an additional 1,026,056 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insider Buying and Selling at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average price of $85.00 per share, with a total value of $994,500.00. Following the completion of the acquisition, the director directly owned 53,096 shares in the company, valued at $4,513,160. This represents a 28.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.09% of the company’s stock.

Analyst Ratings Changes

SBUX has been the subject of several analyst reports. Wall Street Zen upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a report on Saturday. UBS Group set a $94.00 target price on shares of Starbucks and gave the stock a “neutral” rating in a research note on Tuesday, October 21st. BTIG Research restated a “buy” rating and issued a $105.00 price target on shares of Starbucks in a research note on Thursday, October 30th. Citigroup decreased their price target on Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Finally, Sanford C. Bernstein set a $100.00 price objective on Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and an average price target of $101.44.

Starbucks Trading Down 2.4%

SBUX stock opened at $83.34 on Tuesday. The company has a market capitalization of $94.77 billion, a P/E ratio of 50.82, a PEG ratio of 4.28 and a beta of 1.02. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The business has a 50 day simple moving average of $83.85 and a 200-day simple moving average of $87.67.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $9.41 billion. The business’s revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 earnings per share. Research analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.0%. Starbucks’s dividend payout ratio is currently 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.