Retirement Systems of Alabama Sells 5,899 Shares of Starbucks Co. (NASDAQ:SBUX)

Retirement Systems of Alabama trimmed its stake in Starbucks Co. (NASDAQ:SBUX - Free Report) by 2.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 243,964 shares of the coffee company's stock after selling 5,899 shares during the period. Retirement Systems of Alabama's holdings in Starbucks were worth $23,784,000 at the end of the most recent reporting period.

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

Starbucks Price Performance

Shares of SBUX traded down $0.40 during trading hours on Friday, hitting $97.42. The stock had a trading volume of 5,910,905 shares, compared to its average volume of 6,578,133. The stock has a market capitalization of $110.45 billion, a price-to-earnings ratio of 29.43, a P/E/G ratio of 2.86 and a beta of 0.97. The company's fifty day moving average is $98.24 and its two-hundred day moving average is $89.52. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued 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. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company had revenue of $9.07 billion during the quarter, compared to analysts' expectations of $9.60 billion. During the same quarter in the prior year, the firm posted $1.06 earnings per share. The business's quarterly revenue was down 3.2% on a year-over-year basis. Equities analysts predict that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.50%. Starbucks's dividend payout ratio is 73.72%.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now directly owns 80,124 shares in the company, valued at $7,975,542.96. This represents a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.98% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on SBUX. Wells Fargo & Company upped their price target on Starbucks from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. BMO Capital Markets boosted their price objective 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. Oppenheimer reiterated a "market perform" rating on shares of Starbucks in a research note on Monday, August 26th. Redburn Atlantic reissued a "sell" rating and issued a $77.00 target price (down previously from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. Finally, BTIG Research increased their price objective on Starbucks from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $103.77.

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.