First Fiduciary Investment Counsel Inc. Sells 967 Shares of Starbucks Co. (NASDAQ:SBUX)

First Fiduciary Investment Counsel Inc. cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 91,617 shares of the coffee company’s stock after selling 967 shares during the period. Starbucks makes up about 1.9% of First Fiduciary Investment Counsel Inc.’s portfolio, making the stock its 23rd biggest holding. First Fiduciary Investment Counsel Inc.’s holdings in Starbucks were worth $8,796,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Riggs Asset Managment Co. Inc. boosted 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 buying an additional 300 shares during the period. Atticus Wealth Management LLC boosted 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 buying an additional 200 shares during the period. Evolution Advisers Inc. purchased a new stake in Starbucks in the 4th quarter valued at about $36,000. Financial Connections Group Inc. purchased a new stake in Starbucks in the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in Starbucks in the 4th quarter valued at about $38,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Price Performance

SBUX stock opened at $88.25 on Friday. The firm’s fifty day simple moving average is $90.36 and its 200-day simple moving average is $94.27. The company has a market capitalization of $99.92 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.97. Starbucks Co. has a 12 month low of $84.29 and a 12 month high of $115.48.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, January 31st. The coffee company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). The business had revenue of $9.43 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share. As a group, sell-side analysts forecast that Starbucks Co. will post 3.99 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is presently 60.96%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Piper Sandler reduced their price target on shares of Starbucks from $107.00 to $100.00 and set a “neutral” rating for the company in a report on Friday, January 19th. Robert W. Baird reduced their price target on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 18th. Gordon Haskett lowered shares of Starbucks from a “buy” rating to a “hold” rating and set a $100.00 price target for the company. in a report on Tuesday, January 16th. BMO Capital Markets reduced their price target on shares of Starbucks from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. Finally, Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Friday, April 19th. Fourteen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $106.55.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, 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 Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 7,250 shares of company stock valued at $651,738. Corporate 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.