Huntington National Bank Has $8.71 Million Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Huntington National Bank lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 6.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,309 shares of the coffee company’s stock after selling 6,350 shares during the period. Huntington National Bank’s holdings in Starbucks were worth $8,707,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Plato Investment Management Ltd increased its holdings in Starbucks by 2.9% in the 3rd quarter. Plato Investment Management Ltd now owns 14,451 shares of the coffee company’s stock worth $1,407,000 after purchasing an additional 403 shares in the last quarter. Schrum Private Wealth Management LLC increased its stake in shares of Starbucks by 100.0% in the third quarter. Schrum Private Wealth Management LLC now owns 5,738 shares of the coffee company’s stock valued at $559,000 after buying an additional 2,869 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Starbucks by 3.8% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 220,529 shares of the coffee company’s stock valued at $21,499,000 after buying an additional 8,151 shares during the last quarter. GHE LLC boosted its position in Starbucks by 0.5% during the 3rd quarter. GHE LLC now owns 44,795 shares of the coffee company’s stock worth $4,344,000 after buying an additional 233 shares during the period. Finally, Rossmore Private Capital grew its holdings in Starbucks by 0.6% during the 3rd quarter. Rossmore Private Capital now owns 22,254 shares of the coffee company’s stock worth $2,155,000 after acquiring an additional 142 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and raised their price target for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. BMO Capital Markets upped their price target on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, UBS Group upped their target price on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $102.31.

Starbucks Stock Performance

SBUX stock opened at $99.23 on Friday. The business has a 50-day simple moving average of $96.45 and a two-hundred day simple moving average of $86.03. The company has a market capitalization of $112.45 billion, a P/E ratio of 29.98, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. 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 earned $1.06 earnings per share. Starbucks’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is presently 68.88%.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, with a total value 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. This trade represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.98% of the stock is owned by corporate insiders.

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.