Fruth Investment Management Trims Holdings in Starbucks Corporation $SBUX

Fruth Investment Management decreased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 8.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,781 shares of the coffee company’s stock after selling 6,752 shares during the period. Starbucks accounts for about 1.6% of Fruth Investment Management’s holdings, making the stock its 12th largest holding. Fruth Investment Management’s holdings in Starbucks were worth $5,903,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SBUX. Vanguard Group Inc. raised its holdings in shares of Starbucks by 0.7% during the second quarter. Vanguard Group Inc. now owns 112,861,623 shares of the coffee company’s stock valued at $10,341,511,000 after acquiring an additional 802,053 shares in the last quarter. State Street Corp increased its position in Starbucks by 1.2% during the 2nd quarter. State Street Corp now owns 47,513,332 shares of the coffee company’s stock valued at $4,353,647,000 after purchasing an additional 544,534 shares during the period. Geode Capital Management LLC raised its holdings in Starbucks by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 25,846,634 shares of the coffee company’s stock worth $2,357,815,000 after purchasing an additional 99,983 shares in the last quarter. Norges Bank purchased a new stake in shares of Starbucks in the 2nd quarter worth about $1,246,316,000. Finally, Invesco Ltd. boosted its stake in shares of Starbucks by 11.2% during the 2nd quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock valued at $1,169,011,000 after purchasing an additional 1,286,451 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on SBUX. Dbs Bank lowered shares of Starbucks from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Royal Bank Of Canada set a $100.00 target price on Starbucks and gave the company an “outperform” rating in a research note on Thursday, October 30th. Piper Sandler reduced their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Sanford C. Bernstein set a $100.00 price objective on Starbucks and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, TD Cowen restated a “hold” rating and set a $84.00 target price on shares of Starbucks in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 11,700 shares of Starbucks stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the acquisition, the director owned 53,096 shares of the company’s stock, valued at $4,513,160. This represents a 28.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.09% of the company’s stock.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $85.08 on Monday. The business has a fifty day moving average price of $84.83 and a 200-day moving average price of $87.51. The company has a market capitalization of $96.74 billion, a PE ratio of 51.88, a PEG ratio of 1.77 and a beta of 0.98. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). The firm had revenue of $9.57 billion for the quarter, compared to the consensus estimate of $9.41 billion. Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. On average, sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be given a $0.62 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 annualized dividend and a yield of 2.9%. Starbucks’s dividend payout ratio is 151.22%.

Starbucks Company Profile

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.