Procyon Advisors LLC Has $2.89 Million Holdings in Starbucks Co. (NASDAQ:SBUX)

Procyon Advisors LLC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 3.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,147 shares of the coffee company’s stock after selling 1,116 shares during the quarter. Procyon Advisors LLC’s holdings in Starbucks were worth $2,894,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Quilter Plc bought a new stake in Starbucks in the first quarter valued at $208,530,000. Freedom Wealth Alliance LLC bought a new stake in Starbucks in the fourth quarter valued at $26,000. Riggs Asset Managment Co. Inc. grew its position in Starbucks by 1,578.9% in the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Atticus Wealth Management LLC grew its position in Starbucks by 153.8% in the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Finally, First Capital Advisors Group LLC. bought a new stake in Starbucks in the second quarter valued at $35,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Trading Up 1.3 %

Shares of NASDAQ SBUX traded up $1.13 during mid-day trading on Wednesday, reaching $91.49. 2,611,510 shares of the company’s stock were exchanged, compared to its average volume of 8,557,392. The firm has a market capitalization of $103.58 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 1.44 and a beta of 0.98. The business has a fifty day simple moving average of $93.09 and a 200 day simple moving average of $95.23. Starbucks Co. has a twelve month low of $89.21 and a twelve month high of $115.48.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, January 31st. The coffee company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The firm had revenue of $9.43 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.75 earnings per share. Equities research analysts predict that Starbucks Co. will post 4.06 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, May 31st. Investors of record on Friday, May 17th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.49%. Starbucks’s payout ratio is presently 60.96%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SBUX. StockNews.com cut Starbucks from a “buy” rating to a “hold” rating in a research report on Wednesday, December 20th. Barclays decreased their target price on Starbucks from $116.00 to $112.00 and set an “overweight” rating on the stock in a report on Wednesday, January 31st. Citigroup decreased their target price on Starbucks from $103.00 to $102.00 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Wedbush restated a “neutral” rating and set a $95.00 target price on shares of Starbucks in a report on Wednesday, January 31st. Finally, Piper Sandler decreased their target price on Starbucks from $107.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, January 19th. Twelve research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $110.05.

Insider Buying and Selling

In other Starbucks news, insider Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the insider now directly owns 84,153 shares in the company, valued at $7,912,906.59. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 4,000 shares of company stock worth $375,665. 1.98% of the stock is owned by corporate insiders.

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.