Impax Asset Management Group plc Sells 21,002 Shares of Starbucks Co. (NASDAQ:SBUX)

Impax Asset Management Group plc lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 19.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,439 shares of the coffee company's stock after selling 21,002 shares during the period. Impax Asset Management Group plc's holdings in Starbucks were worth $8,622,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quent Capital LLC raised its holdings in Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company's stock worth $401,000 after acquiring an additional 385 shares in the last quarter. Spirepoint Private Client LLC bought a new position in shares of Starbucks during the first quarter worth approximately $371,000. Ontario Teachers Pension Plan Board acquired a new position in Starbucks in the 1st quarter valued at $415,167,000. Allstate Corp raised its stake in Starbucks by 43.0% in the first quarter. Allstate Corp now owns 3,468 shares of the coffee company's stock valued at $317,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Jacobi Capital Management LLC lifted its holdings in shares of Starbucks by 2.5% during the 1st quarter. Jacobi Capital Management LLC now owns 16,136 shares of the coffee company's stock worth $1,475,000 after acquiring an additional 401 shares during the period. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Stock Performance

SBUX traded down $0.20 during mid-day trading on Friday, reaching $98.42. 8,119,864 shares of the stock were exchanged, compared to its average volume of 11,147,972. The company has a 50 day moving average price of $96.75 and a two-hundred day moving average price of $86.19. The stock has a market capitalization of $111.53 billion, a PE ratio of 29.73, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

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

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks's previous quarterly dividend of $0.57. Starbucks's dividend payout ratio is 73.72%.

Wall Street Analyst Weigh In

Several brokerages have commented on SBUX. Barclays dropped their target price on shares of Starbucks from $110.00 to $108.00 and set an "overweight" rating for the company in a report on Thursday, October 31st. Sanford C. Bernstein upgraded Starbucks from a "market perform" rating to an "outperform" rating and upped their target price for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Evercore ISI upgraded shares of Starbucks from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $80.00 to $120.00 in a research report on Wednesday, August 14th. Morgan Stanley upped their price target on shares of Starbucks from $98.00 to $115.00 and gave the company an "overweight" rating in a research report on Wednesday, October 16th. Finally, Robert W. Baird raised Starbucks from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Starbucks presently has a consensus rating of "Moderate Buy" and an average target price of $102.81.

Insider Activity

In other news, Director Jorgen Vig Knudstorp bought 380 shares of the firm's stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares of the company's stock, valued at $3,316,143. This represents a 1.06 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.98% of the company's stock.

Starbucks 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.