MAI Capital Management Sells 27,940 Shares of Starbucks Co. (NASDAQ:SBUX)

MAI Capital Management cut its position in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 28.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,692 shares of the coffee company's stock after selling 27,940 shares during the period. MAI Capital Management's holdings in Starbucks were worth $6,892,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Quent Capital LLC lifted its position in shares of Starbucks by 9.6% in the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company's stock worth $401,000 after buying an additional 385 shares during the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Starbucks by 4.6% in the 1st quarter. Hillsdale Investment Management Inc. now owns 3,419 shares of the coffee company's stock valued at $312,000 after acquiring an additional 150 shares in the last quarter. Pitcairn Co. lifted its holdings in Starbucks by 3.1% in the 1st quarter. Pitcairn Co. now owns 12,394 shares of the coffee company's stock worth $1,133,000 after purchasing an additional 369 shares during the last quarter. Evermay Wealth Management LLC boosted its position in Starbucks by 88.2% during the first quarter. Evermay Wealth Management LLC now owns 1,048 shares of the coffee company's stock worth $96,000 after purchasing an additional 491 shares during the period. Finally, Elgethun Capital Management grew its holdings in Starbucks by 2.6% during the first quarter. Elgethun Capital Management now owns 43,074 shares of the coffee company's stock valued at $3,947,000 after purchasing an additional 1,075 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Trading Down 2.0 %

Shares of NASDAQ SBUX traded down $2.05 during mid-day trading on Tuesday, reaching $98.35. 8,234,481 shares of the company's stock were exchanged, compared to its average volume of 11,116,651. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $105.47. The firm has a market capitalization of $111.45 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 2.85 and a beta of 0.97. The business has a fifty day simple moving average of $96.91 and a 200 day simple moving average of $86.44.

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, meeting the consensus estimate of $0.80. The company had revenue of $9.07 billion during 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 quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 earnings per share. Equities research analysts predict that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. Oppenheimer reissued a "market perform" rating on shares of Starbucks in a research report on Monday, August 26th. Baird R W upgraded shares of Starbucks from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 13th. Royal Bank of Canada assumed coverage on Starbucks in a report on Friday. They issued an "outperform" rating and a $115.00 target price for the company. Finally, Evercore ISI raised shares of Starbucks from an "in-line" rating to an "outperform" rating and lifted their price target for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Starbucks presently has a consensus rating of "Moderate Buy" and a consensus target price of $102.81.

Insider Transactions at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the firm's stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rachel Ruggeri sold 1,452 shares of Starbucks stock in a transaction on Friday, November 15th. The shares were 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 owns 65,648 shares in the company, valued at $6,503,747.36. The trade was a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

About Starbucks

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.