KBC Group NV Cuts Position in Starbucks Co. (NASDAQ:SBUX)

KBC Group NV decreased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,661 shares of the coffee company’s stock after selling 7,829 shares during the period. KBC Group NV’s holdings in Starbucks were worth $31,163,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SBUX. Strategic Investment Solutions Inc. IL purchased a new position in shares of Starbucks during the 2nd quarter valued at about $25,000. New Millennium Group LLC purchased a new position in shares of Starbucks during the second quarter worth approximately $26,000. Stephens Consulting LLC lifted its holdings in shares of Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after acquiring an additional 279 shares during the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Starbucks in the 2nd quarter valued at $27,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Starbucks during the 2nd quarter valued at $31,000. Institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BTIG Research boosted their price target on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Jefferies Financial Group lowered Starbucks from a “hold” rating to an “underperform” rating and lowered their target price for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Citigroup raised their price target on Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. TD Cowen reissued a “buy” rating and set a $110.00 price objective on shares of Starbucks in a research note on Monday. Finally, BMO Capital Markets lifted their target price 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. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.31.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.98% of the stock is currently owned by insiders.

Starbucks Price Performance

Shares of Starbucks stock opened at $99.23 on Friday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a 50-day moving average of $96.45 and a 200 day moving average of $86.03. The firm has a market cap of $112.45 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 2.89 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The company 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 firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. On average, equities analysts anticipate that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The business 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 $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is currently 68.88%.

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.