Starbucks Co. (NASDAQ:SBUX) Shares Sold by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 7.7% in the third quarter, Holdings Channel.com reports. The firm owned 21,091 shares of the coffee company’s stock after selling 1,762 shares during the period. Icon Wealth Advisors LLC’s holdings in Starbucks were worth $2,056,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. D1 Capital Partners L.P. acquired a new position in Starbucks during the 3rd quarter worth $116,211,000. Woodson Capital Management LP grew its holdings in Starbucks by 12.4% during the 3rd quarter. Woodson Capital Management LP now owns 95,580 shares of the coffee company’s stock worth $9,318,000 after acquiring an additional 10,580 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Starbucks by 9.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 352,561 shares of the coffee company’s stock worth $34,371,000 after acquiring an additional 31,116 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new position in Starbucks during the 3rd quarter worth $146,000. Finally, Suvretta Capital Management LLC acquired a new position in Starbucks during the 3rd quarter worth $53,650,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. DZ Bank lowered shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a report on Wednesday, August 21st. Redburn Atlantic restated a “sell” rating and issued a $77.00 price target (down from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. Wells Fargo & Company raised their price target on shares of Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. Finally, Morgan Stanley raised their price target on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. 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 given a strong buy rating to the company. Based on data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and an average price target of $103.77.

Insider Buying and Selling at Starbucks

In other news, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now directly owns 80,124 shares in the company, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The stock was purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 1.06 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

SBUX stock opened at $101.51 on Friday. The stock has a market cap of $115.09 billion, a P/E ratio of 30.67, a P/E/G ratio of 2.97 and a beta of 0.97. The firm has a 50 day simple moving average of $97.50 and a 200 day simple moving average of $87.74. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32.

Starbucks (NASDAQ:SBUX) last posted 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 business had revenue of $9.07 billion during the quarter, compared to analysts’ expectations 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 period last year, the company posted $1.06 earnings per share. Sell-side analysts predict that Starbucks Co. will post 3.12 EPS for the current year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.40%. Starbucks’s payout ratio is 73.72%.

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.