Meeder Asset Management Inc. Sells 280 Shares of Starbucks Co. (NASDAQ:SBUX)

Meeder Asset Management Inc. reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 30.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 649 shares of the coffee company’s stock after selling 280 shares during the period. Meeder Asset Management Inc.’s holdings in Starbucks were worth $63,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its holdings in Starbucks by 2.6% during the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock valued at $678,923,000 after purchasing an additional 221,718 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after purchasing an additional 2,324,847 shares during the last quarter. Swiss National Bank lifted its holdings in Starbucks by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company’s stock valued at $327,771,000 after purchasing an additional 9,900 shares during the last quarter. Marshall Wace LLP lifted its holdings in Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in Starbucks by 3.9% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 3,255,967 shares of the coffee company’s stock valued at $317,424,000 after acquiring an additional 122,886 shares in the last quarter. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

Starbucks stock opened at $98.26 on Thursday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $104.68. The company’s 50 day simple moving average is $97.01 and its 200 day simple moving average is $86.70. The firm has a market capitalization of $111.35 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 2.85 and a beta of 0.97.

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

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.48%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is presently 73.72%.

Wall Street Analyst Weigh In

SBUX has been the subject of several research reports. TD Cowen restated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and raised their price objective for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Morgan Stanley raised their price objective on shares of Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $120.00 in a research report on Wednesday, August 14th. Finally, BMO Capital Markets raised their price objective on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.81.

Insider Buying and Selling at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Rachel Ruggeri sold 1,452 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the sale, the chief financial officer now directly owns 65,648 shares in the company, valued at approximately $6,503,747.36. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

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.