Pinnacle Financial Partners Inc Has $1.12 Million Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Pinnacle Financial Partners Inc decreased its position in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 60.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,531 shares of the coffee company's stock after selling 17,924 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Starbucks were worth $1,124,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SBUX. Ontario Teachers Pension Plan Board bought a new stake in Starbucks during the 1st quarter worth approximately $415,167,000. Marshall Wace LLP raised its position in Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company's stock valued at $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. purchased a new position in shares of Starbucks in the second quarter worth about $243,910,000. Capital World Investors bought a new stake in shares of Starbucks in the first quarter worth about $257,721,000. Finally, Van ECK Associates Corp grew its holdings in shares of Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company's stock worth $348,391,000 after acquiring an additional 2,324,847 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

SBUX stock traded down $0.56 during trading on Friday, reaching $98.67. The company had a trading volume of 3,919,060 shares, compared to its average volume of 11,129,055. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a 50-day simple moving average of $96.60 and a 200-day simple moving average of $86.12. The company has a market cap of $111.81 billion, a price-to-earnings ratio of 30.16, a price-to-earnings-growth ratio of 2.89 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 the consensus estimate of $0.80. The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. Sell-side analysts expect that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.47%. This is an increase from Starbucks's previous quarterly dividend of $0.57. Starbucks's dividend payout ratio (DPR) is presently 73.72%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SBUX shares. Stifel Nicolaus lifted their price target on shares of Starbucks from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Sanford C. Bernstein upgraded Starbucks from a "market perform" rating to an "outperform" rating and increased their price target for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. BMO Capital Markets raised their price target on shares of Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, September 9th. Evercore ISI upgraded shares of Starbucks from an "in-line" rating to an "outperform" rating and boosted their price target for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Finally, UBS Group lifted their price objective on shares of Starbucks from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, October 23rd. 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $102.81.

Insider Buying and Selling at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.98% of the stock is owned by corporate 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.