King Luther Capital Management Corp Sells 12,288 Shares of Starbucks Co. (NASDAQ:SBUX)

King Luther Capital Management Corp trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 20.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,017 shares of the coffee company's stock after selling 12,288 shares during the quarter. King Luther Capital Management Corp's holdings in Starbucks were worth $4,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Dakota Wealth Management lifted its position in shares of Starbucks by 0.5% in the 3rd quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company's stock worth $5,439,000 after purchasing an additional 300 shares during the period. Weil Company Inc. raised its stake in Starbucks by 31.2% during the third quarter. Weil Company Inc. now owns 34,580 shares of the coffee company's stock worth $3,371,000 after buying an additional 8,222 shares during the last quarter. Maia Wealth LLC lifted its holdings in Starbucks by 69.1% in the third quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company's stock valued at $1,805,000 after buying an additional 7,596 shares during the period. Aljian Capital Management LLC boosted its position in Starbucks by 48.5% during the third quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company's stock valued at $2,966,000 after acquiring an additional 9,936 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Starbucks by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company's stock worth $327,771,000 after acquiring an additional 9,900 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company's stock, valued at approximately $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the sale, the chief financial officer now owns 80,124 shares in the company, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.98% of the company's stock.

Starbucks Stock Performance

NASDAQ:SBUX traded up $2.44 during trading on Friday, reaching $102.50. The company's stock had a trading volume of 6,563,290 shares, compared to its average volume of 8,111,918. The firm has a market cap of $116.21 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 2.90 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.60. The firm has a 50 day moving average of $97.11 and a 200-day moving average of $87.10.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted 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. The business 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 firm's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.06 earnings per share. Equities research analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.38%. This is a positive change from Starbucks's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. Starbucks's dividend payout ratio is 73.72%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SBUX. Redburn Atlantic restated a "sell" rating and set a $77.00 target price (down previously from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. TD Cowen restated a "buy" rating and set a $110.00 price target on shares of Starbucks in a report on Monday, November 11th. Citigroup lifted their price objective on shares of Starbucks from $96.00 to $99.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. DZ Bank lowered shares of Starbucks from a "hold" rating to a "sell" rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. Finally, Sanford C. Bernstein upgraded shares of Starbucks from a "market perform" rating to an "outperform" rating and raised their price target for the stock from $92.00 to $115.00 in a report on Thursday, September 26th. Three research 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $102.81.

Starbucks Company 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.