Weatherly Asset Management L. P. Sells 7,671 Shares of Starbucks Corporation $SBUX

Weatherly Asset Management L. P. reduced its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,872 shares of the coffee company’s stock after selling 7,671 shares during the period. Starbucks comprises 0.6% of Weatherly Asset Management L. P.’s portfolio, making the stock its 29th largest holding. Weatherly Asset Management L. P.’s holdings in Starbucks were worth $7,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Game Plan Financial Advisors LLC purchased a new position in Starbucks during the second quarter valued at $25,000. Transce3nd LLC raised its stake in shares of Starbucks by 270.3% in the second quarter. Transce3nd LLC now owns 274 shares of the coffee company’s stock worth $25,000 after buying an additional 200 shares during the period. Chelsea Counsel Co. purchased a new position in shares of Starbucks during the 2nd quarter valued at about $26,000. CBIZ Investment Advisory Services LLC grew its stake in shares of Starbucks by 125.2% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after acquiring an additional 159 shares during the period. Finally, MTM Investment Management LLC purchased a new stake in Starbucks in the 2nd quarter worth approximately $28,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director directly owned 53,096 shares in the company, valued at $4,513,160. This represents a 28.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.09% of the company’s stock.

Starbucks Stock Up 0.6%

Shares of NASDAQ:SBUX opened at $85.08 on Friday. The firm has a fifty day simple moving average of $84.83 and a two-hundred day simple moving average of $87.59. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The stock has a market capitalization of $96.74 billion, a P/E ratio of 51.88, a PEG ratio of 1.76 and a beta of 0.98.

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

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s payout ratio is currently 151.22%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SBUX shares. Piper Sandler reduced their price objective on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Mizuho upgraded Starbucks to a “hold” rating in a research note on Tuesday, October 28th. Sanford C. Bernstein set a $100.00 price objective on shares of Starbucks and gave the company an “outperform” rating in a research report on Thursday, October 30th. Royal Bank Of Canada set a $100.00 target price on shares of Starbucks and gave the stock an “outperform” rating in a report on Thursday, October 30th. Finally, TD Cowen reaffirmed a “hold” rating and set a $84.00 target price on shares of Starbucks in a research note on Monday, December 1st. One 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $101.44.

About Starbucks

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.