Linscomb Wealth Inc. Trims Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Linscomb Wealth Inc. cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 12.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,325 shares of the coffee company’s stock after selling 1,218 shares during the period. Linscomb Wealth Inc.’s holdings in Starbucks were worth $812,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Starbucks during the second quarter worth about $25,000. New Millennium Group LLC acquired a new position in shares of Starbucks during the second quarter worth about $26,000. Stephens Consulting LLC grew its position in shares of Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in Starbucks in the second quarter valued at approximately $27,000. Finally, MFA Wealth Advisors LLC acquired a new position in Starbucks in the second quarter valued at approximately $31,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $98.42 on Friday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The business has a 50-day moving average of $96.75 and a 200-day moving average of $86.19. The company has a market capitalization of $111.53 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.89 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. The company had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 earnings per share. Research analysts expect that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.48%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is currently 73.72%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Barclays lowered their price target on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. JPMorgan Chase & Co. boosted their price objective on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Wedbush reduced their price objective on Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Finally, Royal Bank of Canada began coverage on Starbucks in a research note on Friday. They issued an “outperform” rating and a $115.00 price objective for the company. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus target price of $102.81.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 1.06 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.98% of the stock is currently owned by company 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.