BNC Wealth Management LLC Trims Stake in Starbucks Co. (NASDAQ:SBUX)

BNC Wealth Management LLC lowered its holdings in Starbucks Co. (NASDAQ:SBUX) by 8.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 28,727 shares of the coffee company’s stock after selling 2,586 shares during the quarter. BNC Wealth Management LLC’s holdings in Starbucks were worth $2,801,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SBUX. WoodTrust Financial Corp increased its position in shares of Starbucks by 6.0% in the third quarter. WoodTrust Financial Corp now owns 74,394 shares of the coffee company’s stock worth $7,253,000 after purchasing an additional 4,179 shares during the last quarter. Vickerman Investment Advisors Inc. increased its holdings in shares of Starbucks by 0.5% in the 3rd quarter. Vickerman Investment Advisors Inc. now owns 31,711 shares of the coffee company’s stock worth $3,092,000 after buying an additional 169 shares during the last quarter. Graypoint LLC raised its position in shares of Starbucks by 21.5% during the 3rd quarter. Graypoint LLC now owns 8,454 shares of the coffee company’s stock valued at $824,000 after buying an additional 1,498 shares in the last quarter. M&G PLC bought a new stake in shares of Starbucks during the 3rd quarter worth $14,148,000. Finally, Smart Portfolios LLC grew its position in Starbucks by 5.6% in the third quarter. Smart Portfolios LLC now owns 5,592 shares of the coffee company’s stock worth $545,000 after acquiring an additional 296 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on SBUX. UBS Group lifted their price target on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Wedbush dropped their target price on Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Finally, Barclays cut their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Two equities 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 issued a strong buy rating to the company. According to MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.32.

Starbucks Trading Down 1.0 %

Shares of SBUX opened at $96.08 on Thursday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The firm’s 50-day moving average price is $95.99 and its 200-day moving average price is $85.67. The firm has a market capitalization of $108.88 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 2.81 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the prior year, the business earned $1.06 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts forecast that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is 73.72%.

Insider Transactions at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

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.