Nicollet Investment Management Inc. Sells 3,206 Shares of Starbucks Co. (NASDAQ:SBUX)

Nicollet Investment Management Inc. reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 9.3% during the third quarter, Holdings Channel reports. The institutional investor owned 31,232 shares of the coffee company’s stock after selling 3,206 shares during the period. Nicollet Investment Management Inc.’s holdings in Starbucks were worth $3,045,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quent Capital LLC lifted its position in shares of Starbucks by 9.6% in the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock valued at $401,000 after acquiring an additional 385 shares in the last quarter. Spirepoint Private Client LLC purchased a new position in Starbucks in the 1st quarter worth approximately $371,000. Ontario Teachers Pension Plan Board bought a new position in Starbucks in the 1st quarter worth approximately $415,167,000. Allstate Corp raised its position in shares of Starbucks by 43.0% during the first quarter. Allstate Corp now owns 3,468 shares of the coffee company’s stock valued at $317,000 after buying an additional 1,042 shares during the last quarter. Finally, Jacobi Capital Management LLC lifted its holdings in shares of Starbucks by 2.5% in the first quarter. Jacobi Capital Management LLC now owns 16,136 shares of the coffee company’s stock worth $1,475,000 after buying an additional 401 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were purchased 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 directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.98% of the stock is currently owned by insiders.

Starbucks Stock Down 0.2 %

NASDAQ:SBUX opened at $98.42 on Friday. The stock has a market capitalization of $111.53 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The firm has a 50 day moving average of $96.75 and a 200 day moving average of $86.19.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the prior year, the business posted $1.06 EPS. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, analysts expect that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is 73.72%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Barclays reduced their price target on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Morgan Stanley boosted their target price on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $92.00 to $115.00 in a report on Thursday, September 26th. Finally, Citigroup raised their target price on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $102.81.

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.