Starbucks Corporation $SBUX Shares Sold by Conway Capital Management Inc.

Conway Capital Management Inc. lowered its position in Starbucks Corporation (NASDAQ:SBUX) by 23.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,533 shares of the coffee company’s stock after selling 10,105 shares during the quarter. Starbucks makes up approximately 1.2% of Conway Capital Management Inc.’s portfolio, making the stock its 16th biggest position. Conway Capital Management Inc.’s holdings in Starbucks were worth $2,752,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SBUX. Norges Bank acquired a new stake in Starbucks during the 2nd quarter worth $1,246,316,000. Corient Private Wealth LLC raised its holdings in shares of Starbucks by 146.6% in the second quarter. Corient Private Wealth LLC now owns 6,049,192 shares of the coffee company’s stock valued at $553,201,000 after buying an additional 3,596,014 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Starbucks by 11.2% during the second quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock worth $1,169,011,000 after buying an additional 1,286,451 shares during the period. California Public Employees Retirement System boosted its stake in shares of Starbucks by 68.0% during the second quarter. California Public Employees Retirement System now owns 3,027,814 shares of the coffee company’s stock worth $277,439,000 after buying an additional 1,225,447 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Starbucks by 22.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,578,977 shares of the coffee company’s stock worth $511,202,000 after buying an additional 1,026,056 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of Starbucks stock in a transaction dated 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 transaction, the director owned 53,096 shares in the company, valued at approximately $4,513,160. The trade was a 28.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

SBUX has been the subject of several analyst reports. Royal Bank Of Canada set a $100.00 price objective on Starbucks and gave the company an “outperform” rating in a research note on Thursday, October 30th. Zacks Research cut Starbucks from a “hold” rating to a “strong sell” rating in a research note on Monday, December 29th. Citigroup decreased their price target on Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Barclays reissued an “overweight” rating and issued a $110.00 price objective (up from $95.00) on shares of Starbucks in a research note on Wednesday. Finally, Mizuho upgraded shares of Starbucks to a “hold” rating in a research note on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $102.04.

Starbucks Stock Performance

NASDAQ:SBUX opened at $88.18 on Friday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The stock has a fifty day moving average price of $84.97 and a two-hundred day moving average price of $87.16. The stock has a market capitalization of $100.27 billion, a price-to-earnings ratio of 53.77, a PEG ratio of 1.82 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). The company had revenue of $9.57 billion for 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 revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.80 earnings per share. On average, analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, February 13th. Starbucks’s dividend payout ratio is presently 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.