Wallace Advisory Group LLC Decreases Stock Position in Starbucks Co. (NASDAQ:SBUX)

Wallace Advisory Group LLC trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 42.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,237 shares of the coffee company’s stock after selling 1,675 shares during the quarter. Wallace Advisory Group LLC’s holdings in Starbucks were worth $215,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Orca Investment Management LLC raised its position in Starbucks by 6.6% in the 4th quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock worth $719,000 after purchasing an additional 466 shares during the period. Cerity Partners LLC lifted its stake in shares of Starbucks by 481.9% during the 4th quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock worth $148,567,000 after acquiring an additional 1,281,471 shares during the last quarter. Cox Capital Mgt LLC boosted its holdings in Starbucks by 41.9% during the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after acquiring an additional 13,372 shares during the period. Summa Corp. purchased a new position in Starbucks during the 4th quarter valued at $384,000. Finally, Brevan Howard Capital Management LP bought a new position in Starbucks in the 4th quarter valued at $2,781,000. Institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citigroup lowered their target price on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Piper Sandler dropped their target price on shares of Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Evercore ISI reduced their target price on shares of Starbucks from $120.00 to $92.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. DZ Bank lowered Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a report on Friday, May 3rd. Finally, UBS Group reduced their price objective on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks has an average rating of “Hold” and a consensus target price of $95.00.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $79.28 on Wednesday. Starbucks Co. has a 1 year low of $71.80 and a 1 year high of $107.66. The firm has a market capitalization of $89.80 billion, a P/E ratio of 21.84, a P/E/G ratio of 1.74 and a beta of 0.96. The business’s 50-day moving average is $80.16 and its 200 day moving average is $88.36.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. During the same period last year, the firm earned $0.74 earnings per share. Starbucks’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Starbucks Co. will post 3.59 EPS for the current year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $0.57 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.88%. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Buying and Selling

In other 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 value of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was 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 in the company, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is owned by company insiders.

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.