EverSource Wealth Advisors LLC Lowers Stake in Starbucks Co. (NASDAQ:SBUX)

EverSource Wealth Advisors LLC lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 5.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 11,964 shares of the coffee company’s stock after selling 733 shares during the period. EverSource Wealth Advisors LLC’s holdings in Starbucks were worth $1,059,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SBUX. Vanguard Group Inc. boosted its position in Starbucks by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after buying an additional 470,498 shares during the period. Norges Bank purchased a new position in Starbucks in the 4th quarter valued at approximately $1,240,652,000. Fisher Asset Management LLC boosted its position in Starbucks by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after buying an additional 268,030 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Starbucks by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,027,953 shares of the coffee company’s stock valued at $948,093,000 after buying an additional 27,496 shares during the period. Finally, Flossbach Von Storch AG boosted its position in Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after buying an additional 2,897,282 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 1.0 %

Shares of NASDAQ:SBUX traded up $0.77 during midday trading on Friday, hitting $75.88. The stock had a trading volume of 15,185,688 shares, compared to its average volume of 13,858,536. The company has a market capitalization of $85.95 billion, a PE ratio of 20.90, a P/E/G ratio of 1.74 and a beta of 0.94. The stock has a 50 day moving average price of $77.62 and a two-hundred day moving average price of $84.61. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. As a group, equities analysts expect that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is 62.81%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. William Blair cut shares of Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Jefferies Financial Group decreased their price objective on shares of Starbucks from $84.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday. TD Cowen decreased their price objective on shares of Starbucks from $85.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, July 17th. Piper Sandler decreased their price objective on shares of Starbucks from $88.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Finally, Evercore ISI cut shares of Starbucks from an “outperform” rating to an “inline” rating and decreased their price objective for the stock from $92.00 to $80.00 in a research report on Tuesday, July 16th. Seventeen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $90.88.

Insider Activity

In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now directly owns 78,304 shares in the company, valued at $6,264,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold a total of 7,250 shares of company stock valued at $579,375 over the last quarter. Corporate insiders own 1.98% of the company’s stock.

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.