Sigma Investment Counselors Inc. Reduces Stock Position in Starbucks Co. (NASDAQ:SBUX)

Sigma Investment Counselors Inc. cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 9.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,515 shares of the coffee company’s stock after selling 263 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Starbucks were worth $245,000 at the end of the most recent quarter.

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

Starbucks Stock Up 0.2 %

Shares of NASDAQ SBUX opened at $97.31 on Friday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The company has a market cap of $110.22 billion, a price-to-earnings ratio of 26.81, a P/E/G ratio of 2.14 and a beta of 0.97. The business has a fifty day simple moving average of $95.48 and a 200-day simple moving average of $85.05.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the prior year, the business posted $1.00 earnings per share. Starbucks’s revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts expect that Starbucks Co. will post 3.55 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.61 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is currently 67.22%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SBUX. BTIG Research boosted their price target on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. JPMorgan Chase & Co. boosted their price objective on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a report on Wednesday, August 21st. Finally, Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.48.

Insider Buying and Selling

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