Sitrin Capital Management LLC Cuts Stake in Starbucks Co. (NASDAQ:SBUX)

Sitrin Capital Management LLC lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 91.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,080 shares of the coffee company’s stock after selling 46,236 shares during the quarter. Sitrin Capital Management LLC’s holdings in Starbucks were worth $398,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Starbucks by 0.4% in the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after buying an additional 470,498 shares during the last quarter. Legal & General Group Plc raised its stake in Starbucks by 2.6% in the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after acquiring an additional 221,718 shares during the last quarter. Flossbach Von Storch AG raised its stake in Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after acquiring an additional 2,897,282 shares during the last quarter. Nordea Investment Management AB lifted its position in Starbucks by 5.2% during the 1st quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock worth $495,145,000 after acquiring an additional 266,570 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new stake in Starbucks during the 1st quarter valued at about $415,167,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, August 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 transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SBUX. JPMorgan Chase & Co. lifted their target price on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Barclays cut their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Finally, BTIG Research upped their price target on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $103.32.

Starbucks Trading Up 1.6 %

NASDAQ:SBUX traded up $1.56 during trading hours on Friday, hitting $99.26. The company had a trading volume of 2,345,987 shares, compared to its average volume of 11,277,301. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a 50-day moving average of $95.88 and a 200 day moving average of $85.37. The company has a market cap of $112.48 billion, a P/E ratio of 29.52, a P/E/G ratio of 2.63 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 45.15%. Starbucks’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.06 earnings per share. On average, analysts forecast that Starbucks Co. will post 3.45 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is 68.88%.

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.