Starbucks Corporation $SBUX Stock: ProVise Management Group LLC Trims Holdings

ProVise Management Group LLC trimmed its holdings in Starbucks Corporation (NASDAQ:SBUX) by 90.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,784 shares of the coffee company’s stock after selling 25,616 shares during the quarter. ProVise Management Group LLC’s holdings in Starbucks were worth $262,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SBUX. BlackRock Inc. acquired a new position in Starbucks during the 2nd quarter worth $8,504,509,000. State Street Corp increased its holdings in shares of Starbucks by 3.2% during the second quarter. State Street Corp now owns 49,260,268 shares of the coffee company’s stock valued at $5,033,907,000 after purchasing an additional 1,530,497 shares during the period. Bank of America Corp DE acquired a new position in shares of Starbucks during the second quarter valued at $1,581,287,000. Fisher Asset Management LLC raised its stake in shares of Starbucks by 1.5% during the third quarter. Fisher Asset Management LLC now owns 12,779,234 shares of the coffee company’s stock valued at $1,200,737,000 after purchasing an additional 193,849 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Starbucks by 26.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,506,482 shares of the coffee company’s stock valued at $869,277,000 after purchasing an additional 1,767,530 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Brady Brewer sold 2,229 shares of the business’s stock in a transaction that occurred on Thursday, November 5th. The shares were sold at an average price of $110.00, for a total value of $245,190.00. Following the sale, the chief executive officer directly owned 68,691 shares in the company, valued at $7,556,010. The trade was a 3.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 6,687 shares of company stock valued at $694,874. Insiders own 0.03% of the company’s stock.

Trending Headlines about Starbucks

Here are a few of the latest headlines about SBUX:

• Positive Sentiment: Starbucks’ Q4 earnings beat and stronger comparable sales, alongside cost savings, are cited as evidence of turnaround progress. CEO Brian Niccol is also pursuing afternoon traffic with protein and collagen drinks and plans to improve the drive-through experience, which could create new sales opportunities. Should You Buy, Sell or Hold Starbucks Stock Post Q4 Earnings? Starbucks’ plan to get the afternoon crowd? Protein and collagen.
• Positive Sentiment: Unusual options activity has been interpreted as bullish institutional sentiment, though options flows alone do not guarantee a lasting move in the shares. Starbucks’ unusual options activity points to bullish institutional sentiment
• Neutral Sentiment: Starbucks is granting stock awards and performance-based bonuses to many employees, aiming to align staff with sales and its “Back to Starbucks” effort. The incentives may help execution and retention, but also represent a cost. Starbucks is Putting More Money in Employees’ Pockets

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SBUX. Wells Fargo & Company decreased their target price on shares of Starbucks from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. Stifel Nicolaus initiated coverage on shares of Starbucks in a research report on Monday, November 9th. They set a “buy” rating and a $115.00 price target on the stock. Robert W. Baird reduced their price target on shares of Starbucks from $124.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday, October 2nd. Compass Point initiated coverage on shares of Starbucks in a research note on Monday, August 3rd. They issued a “buy” rating for the company. Finally, Needham & Company LLC set a $120.00 price objective on shares of Starbucks in a research note on Tuesday, August 18th. Twenty-one research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $108.83.

Starbucks Price Performance

Shares of Starbucks stock traded down $0.82 during trading on Friday, hitting $106.44. The stock had a trading volume of 5,059,598 shares, compared to its average volume of 8,187,591. The business has a fifty day moving average of $99.35 and a two-hundred day moving average of $100.35. Starbucks Corporation has a fifty-two week low of $81.97 and a fifty-two week high of $111.50. The firm has a market cap of $121.34 billion, a P/E ratio of 48.16, a PEG ratio of 1.77 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, October 29th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. Starbucks had a negative return on equity of 38.61% and a net margin of 6.66%. The firm had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the company earned $0.52 earnings per share. Starbucks’s revenue was down 4.5% compared to the same quarter last year. As a group, research analysts forecast that Starbucks Corporation will post 3.22 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 13th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.52 annualized dividend and a dividend yield of 2.4%. This is an increase from Starbucks’s previous quarterly dividend of $0.62. Starbucks’s dividend payout ratio is presently 112.22%.

Starbucks Profile

Starbucks Corporation is a global coffee company that roasts, markets and sells coffee and other beverages, along with food and related merchandise. Its offerings include brewed coffee, espresso-based drinks, teas and packaged coffee products. The company serves customers through company-operated and licensed stores, as well as through retail and food-service partnerships. Its stores also sell items such as mugs and coffee-making equipment. Founded in Seattle in 1971, Starbucks operates in North America and international markets, including China.