Coastline Trust Co Sells 8,330 Shares of Starbucks Co. (NASDAQ:SBUX)

Coastline Trust Co reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 77.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,380 shares of the coffee company's stock after selling 8,330 shares during the quarter. Coastline Trust Co's holdings in Starbucks were worth $232,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL purchased a new stake in Starbucks in the 2nd quarter valued at $25,000. New Millennium Group LLC purchased a new stake in shares of Starbucks in the second quarter valued at about $26,000. Stephens Consulting LLC raised its holdings in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company's stock valued at $26,000 after purchasing an additional 279 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Starbucks during the second quarter valued at about $27,000. Finally, MFA Wealth Advisors LLC purchased a new position in Starbucks during the second quarter worth about $31,000. 72.29% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction dated 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 transaction, the director now owns 36,242 shares in the company, valued at $3,316,143. This represents a 1.06 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.98% of the company's stock.

Starbucks Price Performance

Shares of SBUX traded down $0.20 during midday trading on Friday, hitting $98.42. 8,119,864 shares of the company traded hands, compared to its average volume of 8,457,006. The stock has a 50-day moving average of $96.75 and a 200-day moving average of $86.26. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm has a market cap of $111.53 billion, a P/E ratio of 29.73, a PEG ratio of 2.85 and a beta of 0.97.

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

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.48%. This is a boost from Starbucks's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. Starbucks's payout ratio is presently 68.88%.

Analyst Ratings Changes

SBUX has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a "hold" rating to a "buy" rating and increased their price objective for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. UBS Group lifted their price target on Starbucks from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, October 23rd. Piper Sandler upgraded Starbucks from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Oppenheimer reiterated a "market perform" rating on shares of Starbucks in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. increased their price target on shares of Starbucks from $90.00 to $105.00 and gave the company an "overweight" rating in a research report on Monday, September 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Starbucks currently has an average rating of "Moderate Buy" and an average price target of $102.81.

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.