Pitcairn Co. Sells 8,223 Shares of Starbucks Corporation $SBUX

Pitcairn Co. trimmed its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 49.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,420 shares of the coffee company’s stock after selling 8,223 shares during the period. Pitcairn Co.’s holdings in Starbucks were worth $772,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Starbucks by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 112,861,623 shares of the coffee company’s stock valued at $10,341,511,000 after buying an additional 802,053 shares during the last quarter. State Street Corp raised its stake in Starbucks by 1.2% in 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 acquiring an additional 544,534 shares during the period. Geode Capital Management LLC raised its stake 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 valued at $2,357,815,000 after acquiring an additional 99,983 shares during the period. Wellington Management Group LLP lifted its holdings in Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares during the last quarter. Finally, Norges Bank bought a new position in Starbucks during the second quarter worth about $1,246,316,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of SBUX opened at $85.40 on Tuesday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The company has a market capitalization of $97.11 billion, a P/E ratio of 52.07, a P/E/G ratio of 1.74 and a beta of 0.98. The firm’s 50 day simple moving average is $84.06 and its 200 day simple moving average is $87.69.

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

Starbucks Announces Dividend

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

Analyst Ratings Changes

Several research firms have recently issued reports on SBUX. BMO Capital Markets reissued an “outperform” rating on shares of Starbucks in a research report on Thursday, October 30th. Wall Street Zen upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Piper Sandler dropped their target price on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Royal Bank Of Canada set a $100.00 price target on Starbucks and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, Mizuho upgraded Starbucks to a “hold” rating in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $101.44.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the stock in a transaction on Monday, November 10th. The shares were acquired at an average price of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director directly owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.09% of the stock is owned by insiders.

Starbucks 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.