Marks Group Wealth Management Inc Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Marks Group Wealth Management Inc reduced its position in Starbucks Co. (NASDAQ:SBUX) by 6.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 21,206 shares of the coffee company’s stock after selling 1,467 shares during the period. Marks Group Wealth Management Inc’s holdings in Starbucks were worth $2,036,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SBUX. Riggs Asset Managment Co. Inc. increased its position in Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Atticus Wealth Management LLC increased its position in Starbucks by 153.8% in the 4th quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in Starbucks during the 4th quarter worth approximately $38,000. Financial Connections Group Inc. acquired a new position in Starbucks during the 4th quarter worth approximately $38,000. Finally, Fortitude Family Office LLC acquired a new position in Starbucks during the 4th quarter worth approximately $40,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Starbucks stock traded down $0.17 during trading hours on Tuesday, hitting $88.01. 3,200,190 shares of the stock were exchanged, compared to its average volume of 8,389,827. The stock has a market capitalization of $99.64 billion, a P/E ratio of 23.53, a P/E/G ratio of 1.42 and a beta of 0.98. Starbucks Co. has a 12 month low of $84.29 and a 12 month high of $115.48. The business’s 50-day moving average is $90.80 and its two-hundred day moving average is $94.42.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, January 31st. The coffee company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The company had revenue of $9.43 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period last year, the company earned $0.75 earnings per share. Starbucks’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, equities analysts predict that Starbucks Co. will post 4.01 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.59%. Starbucks’s payout ratio is presently 60.96%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Stephens reiterated an “equal weight” rating and set a $110.00 target price on shares of Starbucks in a research report on Wednesday, January 31st. Piper Sandler dropped their target price on Starbucks from $107.00 to $100.00 and set a “neutral” rating on the stock in a research report on Friday, January 19th. BMO Capital Markets lowered their price target on Starbucks from $125.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, January 31st. Guggenheim lowered their price target on Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a report on Friday. Finally, Gordon Haskett lowered Starbucks from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a research note on Tuesday, January 16th. Fourteen research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $106.68.

Insider Buying and Selling at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 7,000 shares of company stock valued at $629,738. 1.98% of the stock is currently owned by insiders.

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.