First Horizon Advisors Inc. Has $27.17 Million Position in Starbucks Co. (NASDAQ:SBUX)

First Horizon Advisors Inc. cut its position in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 14.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 278,705 shares of the coffee company's stock after selling 46,450 shares during the quarter. First Horizon Advisors Inc.'s holdings in Starbucks were worth $27,171,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SBUX. Dakota Wealth Management grew its stake in Starbucks by 0.5% in the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company's stock worth $5,439,000 after purchasing an additional 300 shares during the period. Weil Company Inc. grew its position in Starbucks by 31.2% during the 3rd quarter. Weil Company Inc. now owns 34,580 shares of the coffee company's stock valued at $3,371,000 after purchasing an additional 8,222 shares during the last quarter. Maia Wealth LLC increased its position in shares of Starbucks by 69.1% during the third quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company's stock valued at $1,805,000 after acquiring an additional 7,596 shares in the last quarter. Aljian Capital Management LLC raised its holdings in Starbucks by 48.5% in the 3rd quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company's stock worth $2,966,000 after acquiring an additional 9,936 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Starbucks by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company's stock valued at $327,771,000 after purchasing an additional 9,900 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded down $0.09 on Wednesday, reaching $98.26. The company's stock had a trading volume of 7,526,552 shares, compared to its average volume of 11,104,876. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $104.68. The stock's 50-day moving average is $97.01 and its two-hundred day moving average is $86.62. The stock has a market capitalization of $111.35 billion, a P/E ratio of 29.71, a PEG ratio of 2.85 and a beta of 0.97.

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

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend 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%.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company's stock, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the sale, the chief financial officer now directly owns 65,648 shares in the company, valued at approximately $6,503,747.36. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. TD Cowen reiterated a "buy" rating and set a $110.00 target price on shares of Starbucks in a research note on Monday, November 11th. Piper Sandler raised shares of Starbucks from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Baird R W raised shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a "hold" rating to a "buy" rating and raised their target price for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Finally, DZ Bank lowered shares of Starbucks from a "hold" rating to a "sell" rating and set a $85.00 target price for the company. in a report on Wednesday, August 21st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Starbucks currently has an average rating of "Moderate Buy" and a consensus target price 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.