Valley National Advisers Inc. Cuts Stock Position in Starbucks Co. (NASDAQ:SBUX)

Valley National Advisers Inc. lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 11.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,561 shares of the coffee company’s stock after selling 1,497 shares during the period. Valley National Advisers Inc.’s holdings in Starbucks were worth $1,056,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Scarborough Advisors LLC purchased a new stake in Starbucks during the 4th quarter valued at $26,000. Vima LLC purchased a new position in shares of Starbucks in the 4th quarter worth $26,000. DSM Capital Partners LLC purchased a new position in shares of Starbucks in the 4th quarter worth $27,000. Riggs Asset Managment Co. Inc. boosted its stake in shares of Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after buying an additional 300 shares during the last quarter. Finally, Fairman Group LLC purchased a new position in shares of Starbucks in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the transaction, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the transaction, 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 SEC, which is available at this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The disclosure for this sale can be found here. Insiders sold a total of 10,750 shares of company stock worth $878,893 over the last 90 days. Corporate insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

SBUX has been the topic of a number of research reports. Wells Fargo & Company dropped their price target on Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. Bank of America raised their price target on Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Jefferies Financial Group dropped their price target on Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a research note on Wednesday, May 1st. JPMorgan Chase & Co. dropped their price target on Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. Finally, Piper Sandler dropped their price target on Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Seventeen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $94.54.

Starbucks Stock Down 0.7 %

NASDAQ:SBUX opened at $76.26 on Thursday. The stock has a market cap of $86.38 billion, a PE ratio of 21.01, a P/E/G ratio of 1.68 and a beta of 0.94. The business’s 50-day simple moving average is $79.22 and its two-hundred day simple moving average is $87.66. Starbucks Co. has a 52 week low of $71.80 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last issued 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). The firm had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 EPS. Sell-side analysts anticipate that Starbucks Co. will post 3.58 earnings per share for the current fiscal year.

Starbucks Announces Dividend

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 given a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.99%. Starbucks’s payout ratio is 62.81%.

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.