Starbucks Co. (NASDAQ:SBUX) Shares Sold by SouthState Corp

SouthState Corp lowered its position in Starbucks Co. (NASDAQ:SBUX - Free Report) by 59.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,497 shares of the coffee company's stock after selling 5,218 shares during the period. SouthState Corp's holdings in Starbucks were worth $341,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Fifth Third Wealth Advisors LLC boosted its position in shares of Starbucks by 16.9% during the third quarter. Fifth Third Wealth Advisors LLC now owns 22,922 shares of the coffee company's stock worth $2,235,000 after acquiring an additional 3,308 shares during the last quarter. BIP Wealth LLC bought a new position in shares of Starbucks during the 3rd quarter valued at about $211,000. Caprock Group LLC grew its position in shares of Starbucks by 8.6% during the third quarter. Caprock Group LLC now owns 24,066 shares of the coffee company's stock valued at $2,346,000 after purchasing an additional 1,899 shares in the last quarter. Zevin Asset Management LLC bought a new stake in shares of Starbucks in the third quarter worth about $422,000. Finally, Mendel Capital Management LLC lifted its position in shares of Starbucks by 6.2% in the third quarter. Mendel Capital Management LLC now owns 5,620 shares of the coffee company's stock worth $548,000 after buying an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

SBUX traded down $0.09 during trading on Wednesday, reaching $98.26. 7,526,552 shares of the company's stock were exchanged, compared to its average volume of 11,104,876. The company's fifty day simple moving average is $97.01 and its 200-day simple moving average is $86.70. The stock has a market capitalization of $111.35 billion, a P/E ratio of 29.69, a price-to-earnings-growth ratio of 2.85 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $104.68.

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

Starbucks Increases Dividend

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

Analyst Ratings Changes

SBUX has been the topic of a number of research reports. Wedbush reduced their price objective on Starbucks from $98.00 to $95.00 and set a "neutral" rating on the stock in a research note on Thursday, October 31st. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. Sanford C. Bernstein upgraded shares of Starbucks from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $92.00 to $115.00 in a research report on Thursday, September 26th. BTIG Research boosted their target price on shares of Starbucks from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Finally, Bank of America lowered their price target on shares of Starbucks from $118.00 to $117.00 and set a "buy" rating for the company in a report on Tuesday, October 22nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $102.81.

Insider Activity at Starbucks

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

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.