Florida Trust Wealth Management Co Decreases Stock Holdings in Starbucks Corporation $SBUX

Florida Trust Wealth Management Co trimmed its stake in Starbucks Corporation (NASDAQ:SBUX) by 3.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 237,973 shares of the coffee company’s stock after selling 8,403 shares during the quarter. Florida Trust Wealth Management Co’s holdings in Starbucks were worth $20,133,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Norges Bank bought a new position in Starbucks during the second quarter valued at $1,246,316,000. Corient Private Wealth LLC raised its position in shares of Starbucks by 146.6% in the second quarter. Corient Private Wealth LLC now owns 6,049,192 shares of the coffee company’s stock worth $553,201,000 after buying an additional 3,596,014 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Starbucks by 11.2% during the second quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock worth $1,169,011,000 after purchasing an additional 1,286,451 shares in the last quarter. California Public Employees Retirement System raised its stake in Starbucks by 68.0% in the second quarter. California Public Employees Retirement System now owns 3,027,814 shares of the coffee company’s stock valued at $277,439,000 after purchasing an additional 1,225,447 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Starbucks by 22.5% during 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 purchasing an additional 1,026,056 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Mizuho set a $86.00 price objective on shares of Starbucks and gave the company a “neutral” rating in a research report on Friday, January 9th. Citigroup raised Starbucks from a “neutral” rating to a “positive” rating in a research note on Thursday. Zacks Research lowered Starbucks from a “hold” rating to a “strong sell” rating in a research note on Monday, December 29th. TD Cowen reiterated a “hold” rating and set a $84.00 price objective on shares of Starbucks in a research report on Monday, December 1st. Finally, Piper Sandler decreased their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.56.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 11,700 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the transaction, the director owned 53,096 shares in the company, valued at $4,513,160. This represents a 28.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is owned by insiders.

Starbucks Price Performance

Shares of SBUX stock opened at $92.99 on Monday. The business has a 50-day moving average of $86.06 and a 200 day moving average of $87.03. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The stock has a market capitalization of $105.74 billion, a PE ratio of 56.70, a P/E/G ratio of 1.96 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). The firm had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.The firm’s quarterly 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. Analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, February 13th. Starbucks’s payout ratio is currently 151.22%.

About Starbucks

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.