Starbucks Co. (NASDAQ:SBUX) Stake Lowered by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 0.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,797,795 shares of the coffee company’s stock after selling 3,441 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.25% of Starbucks worth $255,690,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Axxcess Wealth Management LLC bought a new stake in Starbucks during the 3rd quarter valued at $1,468,000. Legacy Advisors LLC lifted its holdings in Starbucks by 13.9% in the third quarter. Legacy Advisors LLC now owns 28,465 shares of the coffee company’s stock worth $2,598,000 after purchasing an additional 3,467 shares during the period. Lakeshore Financial Planning Inc. acquired a new position in Starbucks during the 3rd quarter valued at about $205,000. Seven Eight Capital LP raised its position in shares of Starbucks by 231.7% during the 3rd quarter. Seven Eight Capital LP now owns 92,661 shares of the coffee company’s stock worth $8,457,000 after buying an additional 64,724 shares in the last quarter. Finally, Scotia Capital Inc. lifted its stake in shares of Starbucks by 9.4% in the 3rd quarter. Scotia Capital Inc. now owns 439,633 shares of the coffee company’s stock worth $40,127,000 after acquiring an additional 37,686 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Trading Down 0.7 %

Shares of Starbucks stock opened at $76.26 on Thursday. Starbucks Co. has a 1 year low of $71.80 and a 1 year high of $107.66. The company’s fifty day simple moving average is $79.22 and its 200-day simple moving average is $87.66. The company has a market cap of $86.38 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.68 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts forecast that Starbucks Co. will post 3.58 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SBUX shares. William Blair downgraded Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Stifel Nicolaus lowered their target price on Starbucks from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Wells Fargo & Company cut their price target on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Guggenheim lowered their price objective on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Finally, The Goldman Sachs Group initiated coverage on shares of Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 target price for the company. Seventeen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $94.54.

Insider Activity

In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,750 shares of company stock worth $878,893. Company insiders own 1.98% of the company’s stock.

About Starbucks

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.