Starbucks Corporation $SBUX Shares Sold by Conway Capital Management Inc.

Conway Capital Management Inc. lowered its position in Starbucks Corporation (NASDAQ:SBUX) by 23.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 32,533 shares of the coffee company’s stock after selling 10,105 shares during the period. Starbucks makes up 1.2% of Conway Capital Management Inc.’s holdings, making the stock its 16th biggest position. Conway Capital Management Inc.’s holdings in Starbucks were worth $2,752,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. PUREfi Wealth LLC acquired a new stake in shares of Starbucks in the second quarter worth $286,000. Narwhal Capital Management boosted its position in Starbucks by 39.6% during the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after purchasing an additional 9,282 shares during the period. Morningstar Investment Management LLC acquired a new stake in Starbucks in the 2nd quarter valued at $653,000. Asset Management One Co. Ltd. raised its position in Starbucks by 3.1% in the third quarter. Asset Management One Co. Ltd. now owns 548,768 shares of the coffee company’s stock valued at $46,426,000 after purchasing an additional 16,428 shares during the period. Finally, Pegasus Asset Management Inc. acquired a new position in shares of Starbucks during the second quarter worth about $1,289,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Trading Up 1.7%

Starbucks stock opened at $88.18 on Friday. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The stock has a market cap of $100.27 billion, a P/E ratio of 53.77, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The stock has a 50 day moving average of $84.97 and a 200-day moving average of $87.16.

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

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, February 13th. Starbucks’s dividend payout ratio is 151.22%.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was acquired 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 of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

SBUX has been the subject of a number of recent research reports. Wall Street Zen upgraded Starbucks from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Dbs Bank cut Starbucks from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Piper Sandler dropped their price objective on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Royal Bank Of Canada set a $100.00 target price on shares of Starbucks and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Finally, UBS Group set a $94.00 price target on shares of Starbucks and gave the company a “neutral” rating in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $102.04.

About Starbucks

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.