Pekin Hardy Strauss Inc. Sells 3,487 Shares of Starbucks Co. (NASDAQ:SBUX)

Pekin Hardy Strauss Inc. trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 35.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,361 shares of the coffee company’s stock after selling 3,487 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Starbucks were worth $620,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Marshall Wace LLP increased its holdings in Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Starbucks in the second quarter valued at $243,910,000. Van ECK Associates Corp raised its holdings in shares of Starbucks by 108.1% in the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after buying an additional 2,324,847 shares during the last quarter. National Bank of Canada FI lifted its position in Starbucks by 89.2% during the 2nd quarter. National Bank of Canada FI now owns 2,553,739 shares of the coffee company’s stock worth $196,943,000 after buying an additional 1,204,153 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Starbucks by 158.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,824,133 shares of the coffee company’s stock worth $142,009,000 after acquiring an additional 1,117,343 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Up 2.4 %

Starbucks stock opened at $102.50 on Monday. The company has a 50 day moving average of $97.11 and a 200-day moving average of $87.19. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $103.60. The stock has a market capitalization of $116.21 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 3.00 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same period in the prior year, the business earned $1.06 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. Equities analysts anticipate that Starbucks Co. will post 3.12 EPS for the current fiscal 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 given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.38%. 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 dividend payout ratio (DPR) is currently 73.72%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SBUX shares. JPMorgan Chase & Co. upped their target price on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Royal Bank of Canada began coverage on Starbucks in a report on Friday, November 15th. They set an “outperform” rating and a $115.00 price objective on the stock. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. BTIG Research raised their price target on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Bank of America dropped their price objective on 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 assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.81.

Insider Buying and Selling at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were 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 represents a 1.06 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the completion of the transaction, the chief financial officer now owns 80,124 shares of the company’s stock, valued at $7,975,542.96. The trade was 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.

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.