High Note Wealth LLC Cuts Stake in Starbucks Co. (NASDAQ:SBUX)

High Note Wealth LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 60.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,688 shares of the coffee company’s stock after selling 16,562 shares during the quarter. High Note Wealth LLC’s holdings in Starbucks were worth $1,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Metis Global Partners LLC boosted its stake in Starbucks by 15.4% during the third quarter. Metis Global Partners LLC now owns 56,939 shares of the coffee company’s stock worth $5,197,000 after buying an additional 7,619 shares during the period. Insigneo Advisory Services LLC raised its holdings in shares of Starbucks by 60.6% in the third quarter. Insigneo Advisory Services LLC now owns 9,464 shares of the coffee company’s stock valued at $864,000 after acquiring an additional 3,570 shares in the last quarter. Motco raised its holdings in shares of Starbucks by 1.1% in the third quarter. Motco now owns 74,829 shares of the coffee company’s stock valued at $6,830,000 after acquiring an additional 811 shares in the last quarter. Anchor Investment Management LLC bought a new stake in shares of Starbucks in the fourth quarter valued at about $1,348,000. Finally, First Command Advisory Services Inc. bought a new stake in shares of Starbucks in the third quarter valued at about $524,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on SBUX shares. Morgan Stanley upgraded shares of Starbucks from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $112.00 to $120.00 in a report on Tuesday, January 16th. Wedbush reiterated a “neutral” rating and issued a $95.00 target price on shares of Starbucks in a report on Wednesday, January 31st. JPMorgan Chase & Co. reduced their target price on shares of Starbucks from $107.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, March 19th. BTIG Research dropped their price target on Starbucks from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, January 31st. Finally, BMO Capital Markets dropped their price target on Starbucks from $125.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 31st. Twelve research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Starbucks currently has a consensus rating of “Hold” and a consensus target price of $110.05.

Insider Buying and Selling

In related news, insider Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the insider now owns 84,153 shares in the company, valued at $7,912,906.59. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 4,000 shares of company stock worth $375,665 over the last 90 days. 1.98% of the stock is owned by insiders.

Starbucks Price Performance

NASDAQ SBUX opened at $91.50 on Thursday. The company has a market cap of $103.60 billion, a P/E ratio of 24.47, a P/E/G ratio of 1.44 and a beta of 0.98. The stock has a 50-day moving average of $93.05 and a two-hundred day moving average of $95.19. Starbucks Co. has a 1-year low of $89.21 and a 1-year high of $115.48.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, January 31st. The coffee company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.02). The company had revenue of $9.43 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.75 EPS. On average, analysts anticipate that Starbucks Co. will post 4.06 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s payout ratio is presently 60.96%.

Starbucks Company 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.