Thrivent Financial for Lutherans Lowers Holdings in Starbucks Co. (NASDAQ:SBUX)

Thrivent Financial for Lutherans lowered its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 15.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,836 shares of the coffee company's stock after selling 11,249 shares during the quarter. Thrivent Financial for Lutherans' holdings in Starbucks were worth $6,126,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC raised its position in shares of Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company's stock valued at $401,000 after buying an additional 385 shares during the last quarter. LRI Investments LLC purchased a new stake in Starbucks in the 1st quarter worth $136,000. Kestra Advisory Services LLC boosted its holdings in shares of Starbucks by 18.8% during the 1st quarter. Kestra Advisory Services LLC now owns 147,695 shares of the coffee company's stock valued at $13,498,000 after purchasing an additional 23,326 shares during the last quarter. Mount Yale Investment Advisors LLC grew its position in shares of Starbucks by 34.6% during the first quarter. Mount Yale Investment Advisors LLC now owns 19,510 shares of the coffee company's stock valued at $1,783,000 after purchasing an additional 5,010 shares in the last quarter. Finally, Lavaca Capital LLC increased its holdings in shares of Starbucks by 42.9% in the first quarter. Lavaca Capital LLC now owns 4,374 shares of the coffee company's stock worth $400,000 after purchasing an additional 1,313 shares during the last quarter. Institutional investors own 72.29% of the company's stock.

Starbucks Stock Up 2.4 %

Shares of SBUX stock opened at $102.50 on Friday. The company's 50 day moving average is $97.11 and its 200 day moving average is $87.10. The firm has a market cap of $116.21 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 2.90 and a beta of 0.97. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $103.60.

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

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks's previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.38%. Starbucks's dividend payout ratio is presently 73.72%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SBUX shares. BTIG Research increased their target price on Starbucks from $100.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Evercore ISI raised Starbucks from an "in-line" rating to an "outperform" rating and boosted their price objective for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Piper Sandler raised Starbucks from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $85.00 to $103.00 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. Finally, Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $85.00 to $118.00 in a research note on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $102.81.

Insider Activity

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm's 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 transaction, the director now directly owns 36,242 shares of the company's stock, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Rachel Ruggeri sold 1,452 shares of Starbucks stock in a transaction that occurred 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 owns 65,648 shares of the company's stock, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.98% of the company's stock.

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.