Patriot Financial Group Insurance Agency LLC Sells 12,382 Shares of Starbucks Corporation $SBUX

Patriot Financial Group Insurance Agency LLC decreased its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 57.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,021 shares of the coffee company’s stock after selling 12,382 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Starbucks were worth $763,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SBUX shares. Wells Fargo & Company set a $100.00 target price on shares of Starbucks and gave the company an “overweight” rating in a research report on Thursday, October 16th. BTIG Research restated a “buy” rating and issued a $105.00 price objective on shares of Starbucks in a research note on Thursday, October 30th. Barclays lowered their target price on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Sanford C. Bernstein set a $100.00 price objective on Starbucks and gave the company an “outperform” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $101.44.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $88.33 on Friday. The firm has a market cap of $100.44 billion, a price-to-earnings ratio of 53.86, a P/E/G ratio of 1.82 and a beta of 0.98. The firm has a fifty day moving average price of $84.63 and a 200 day moving average price of $87.72. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. The company had revenue of $9.57 billion during the quarter, compared to the consensus estimate of $9.41 billion. During the same quarter in the prior year, the firm posted $0.80 earnings per share. The business’s revenue was up 5.5% on a year-over-year basis. As a group, research analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.8%. Starbucks’s dividend payout ratio is presently 151.22%.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp acquired 11,700 shares of Starbucks stock in a transaction on Monday, November 10th. The shares were acquired at an average price of $85.00 per share, with a total value of $994,500.00. Following the purchase, the director directly owned 53,096 shares in the company, valued at $4,513,160. The trade was a 28.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Starbucks 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.