Weatherly Asset Management L. P. Sells 7,671 Shares of Starbucks Corporation $SBUX

Weatherly Asset Management L. P. reduced its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 88,872 shares of the coffee company’s stock after selling 7,671 shares during the period. Starbucks comprises 0.6% of Weatherly Asset Management L. P.’s portfolio, making the stock its 29th biggest position. Weatherly Asset Management L. P.’s holdings in Starbucks were worth $7,519,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Game Plan Financial Advisors LLC bought a new stake in shares of Starbucks during the second quarter worth $25,000. Transce3nd LLC lifted its holdings in Starbucks by 270.3% during the 2nd quarter. Transce3nd LLC now owns 274 shares of the coffee company’s stock valued at $25,000 after buying an additional 200 shares in the last quarter. Chelsea Counsel Co. bought a new stake in Starbucks during the 2nd quarter valued at about $26,000. CBIZ Investment Advisory Services LLC boosted its position in Starbucks by 125.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after buying an additional 159 shares during the period. Finally, MTM Investment Management LLC bought a new position in Starbucks in the 2nd quarter worth about $28,000. Institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on SBUX. Morgan Stanley set a $105.00 price target on shares of Starbucks and gave the company an “overweight” rating in a research note on Monday, October 20th. TD Cowen reaffirmed a “hold” rating and set a $84.00 target price on shares of Starbucks in a research report on Monday, December 1st. Barclays dropped their price target on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. Piper Sandler decreased their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Finally, Dbs Bank lowered shares of Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

Starbucks Stock Up 0.6%

NASDAQ SBUX opened at $85.08 on Friday. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The company has a 50 day moving average price of $84.83 and a 200 day moving average price of $87.59. The firm has a market cap of $96.74 billion, a PE ratio of 51.88, a price-to-earnings-growth ratio of 1.76 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). The firm had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. Starbucks’s revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the business earned $0.80 earnings per share. On average, equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, February 13th. Starbucks’s dividend payout ratio is currently 151.22%.

Insider Transactions at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the purchase, the director owned 53,096 shares in the company, valued at $4,513,160. This represents a 28.26% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.09% of the stock is owned by corporate insiders.

Starbucks Profile

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.