Rhumbline Advisers Decreases Stake in Starbucks Corporation $SBUX

Rhumbline Advisers reduced its stake in Starbucks Corporation (NASDAQ:SBUX) by 6.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,038,016 shares of the coffee company’s stock after selling 136,778 shares during the period. Rhumbline Advisers’ holdings in Starbucks were worth $186,743,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SBUX. Brighton Jones LLC lifted its position in shares of Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after acquiring an additional 81,952 shares during the period. PFG Advisors boosted its holdings in Starbucks by 34.4% in the first quarter. PFG Advisors now owns 3,622 shares of the coffee company’s stock valued at $355,000 after acquiring an additional 927 shares during the last quarter. Burney Co. acquired a new position in shares of Starbucks in the 1st quarter valued at about $200,000. Carnegie Investment Counsel lifted its holdings in shares of Starbucks by 18.7% during the 1st quarter. Carnegie Investment Counsel now owns 7,174 shares of the coffee company’s stock valued at $704,000 after acquiring an additional 1,130 shares in the last quarter. Finally, Journey Strategic Wealth LLC boosted its position in shares of Starbucks by 2.6% in the first quarter. Journey Strategic Wealth LLC now owns 6,988 shares of the coffee company’s stock worth $685,000 after buying an additional 180 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling at Starbucks

In other news, Director Jorgen Vig Knudstorp bought 11,700 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were bought at an average price of $85.00 per share, with a total value of $994,500.00. Following the completion of the transaction, the director owned 53,096 shares of the company’s stock, valued at $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.09% of the company’s stock.

Starbucks Price Performance

NASDAQ:SBUX opened at $85.35 on Friday. The business’s 50-day simple moving average is $83.83 and its 200-day simple moving average is $87.59. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The stock has a market capitalization of $97.05 billion, a PE ratio of 52.04, a price-to-earnings-growth ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last released 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). Starbucks had a net margin of 4.99% and a negative return on equity of 31.84%. The firm had revenue of $9.57 billion during the quarter, compared to the consensus estimate of $9.41 billion. During the same quarter in the previous year, the firm posted $0.80 EPS. The company’s revenue was up 5.5% on a year-over-year basis. On average, research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a dividend of $0.62 per share. The ex-dividend date is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a yield of 2.9%. Starbucks’s dividend payout ratio is 151.22%.

Analyst Ratings Changes

SBUX has been the subject of several research analyst reports. Citigroup lowered their price objective on Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Wall Street Zen upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a research report on Saturday. TD Cowen restated a “hold” rating and set a $84.00 price target on shares of Starbucks in a report on Thursday, October 30th. Mizuho upgraded Starbucks to a “hold” rating in a research note on Tuesday, October 28th. Finally, Loop Capital set a $165.00 price target on shares of Starbucks in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.44.

About Starbucks

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.