Essex Financial Services Inc. Sells 1,485 Shares of Starbucks Co. (NASDAQ:SBUX)

Essex Financial Services Inc. lessened its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 12.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,315 shares of the coffee company’s stock after selling 1,485 shares during the period. Essex Financial Services Inc.’s holdings in Starbucks were worth $941,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of SBUX. Aspire Capital Advisors LLC increased its position in shares of Starbucks by 0.5% during the 4th quarter. Aspire Capital Advisors LLC now owns 23,210 shares of the coffee company’s stock worth $2,118,000 after purchasing an additional 104 shares during the last quarter. Riverview Trust Co grew its stake in shares of Starbucks by 3.4% in the third quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock valued at $312,000 after buying an additional 105 shares in the last quarter. Optas LLC increased its holdings in Starbucks by 0.6% during the fourth quarter. Optas LLC now owns 16,711 shares of the coffee company’s stock worth $1,525,000 after buying an additional 105 shares during the last quarter. Boomfish Wealth Group LLC raised its position in Starbucks by 0.7% during the fourth quarter. Boomfish Wealth Group LLC now owns 15,335 shares of the coffee company’s stock worth $1,399,000 after acquiring an additional 108 shares in the last quarter. Finally, Foster Group Inc. lifted its stake in Starbucks by 4.0% in the fourth quarter. Foster Group Inc. now owns 2,885 shares of the coffee company’s stock valued at $263,000 after acquiring an additional 110 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Starbucks from $110.00 to $114.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Citigroup boosted their price target on Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Starbucks in a research report on Friday, January 24th. BTIG Research boosted their target price on Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Wells Fargo & Company raised their price target on Starbucks from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Three analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.33.

Starbucks Stock Performance

SBUX opened at $111.03 on Wednesday. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $112.62. The firm has a market cap of $126.12 billion, a P/E ratio of 35.82, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00. The business’s fifty day moving average is $97.32 and its 200-day moving average is $95.10.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same quarter in the prior year, the business earned $0.90 EPS. On average, research analysts predict that Starbucks Co. will post 3 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, February 14th. This represents a $2.44 annualized dividend and a yield of 2.20%. Starbucks’s dividend payout ratio is currently 78.71%.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the transaction, the chief financial officer now owns 80,124 shares of the company’s stock, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.09% of the company’s stock.

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.