Confluence Investment Management LLC Sells 1,545 Shares of Starbucks Co. (NASDAQ:SBUX)

Confluence Investment Management LLC trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 688,549 shares of the coffee company’s stock after selling 1,545 shares during the quarter. Confluence Investment Management LLC owned approximately 0.06% of Starbucks worth $67,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Starbucks in the 2nd quarter worth approximately $25,000. New Millennium Group LLC acquired a new position in Starbucks in the second quarter valued at $26,000. Stephens Consulting LLC boosted its position in Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after acquiring an additional 279 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Starbucks in the 2nd quarter worth about $27,000. Finally, Olistico Wealth LLC acquired a new position in shares of Starbucks in the 2nd quarter valued at about $31,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SBUX has been the subject of several recent analyst reports. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. TD Cowen reaffirmed a “buy” rating and set a $110.00 price objective on shares of Starbucks in a research report on Wednesday, October 23rd. Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $92.00 to $115.00 in a research report on Thursday, September 26th. Bank of America reduced their price target on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.32.

Insider Buying and Selling at Starbucks

In other 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 value of $299,916.40. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

SBUX opened at $96.12 on Friday. The firm has a market cap of $108.92 billion, a P/E ratio of 29.04, a PEG ratio of 2.81 and a beta of 0.97. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The firm has a 50-day moving average of $95.99 and a 200 day moving average of $85.67.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. Starbucks’s revenue was down 3.2% on a year-over-year basis. Equities research analysts predict that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a yield of 2.54%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is 73.72%.

About Starbucks

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.