Ledyard National Bank Sells 26,138 Shares of Starbucks Co. (NASDAQ:SBUX)

Ledyard National Bank trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 65.5% during the third quarter, HoldingsChannel reports. The firm owned 13,753 shares of the coffee company’s stock after selling 26,138 shares during the quarter. Ledyard National Bank’s holdings in Starbucks were worth $1,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board bought a new position in Starbucks during the first quarter valued at $415,167,000. Marshall Wace LLP increased its holdings in Starbucks by 1,466.3% in the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after acquiring an additional 3,136,992 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Starbucks during the second quarter valued at about $243,910,000. Flossbach Von Storch AG boosted its position in Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after purchasing an additional 2,897,282 shares during the period. Finally, Capital World Investors bought a new stake in shares of Starbucks in the first quarter valued at approximately $257,721,000. Institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

SBUX has been the topic of a number of analyst reports. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. TD Cowen reiterated a “buy” rating and set a $110.00 price objective on shares of Starbucks in a research note on Thursday, September 12th. Citigroup raised their target price on Starbucks from $98.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 8th. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. increased their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.44.

Starbucks Stock Down 0.4 %

Shares of SBUX opened at $96.45 on Tuesday. The stock has a market capitalization of $109.25 billion, a P/E ratio of 26.57, a PEG ratio of 2.14 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a fifty day simple moving average of $95.29 and a two-hundred day simple moving average of $84.73.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same period in the prior year, the business posted $1.00 earnings per share. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts expect that Starbucks Co. will post 3.55 EPS for the current fiscal year.

Starbucks Company 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.