Thrive Wealth Management LLC Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Thrive Wealth Management LLC reduced its stake in Starbucks Co. (NASDAQ:SBUX) by 8.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,861 shares of the coffee company’s stock after selling 375 shares during the period. Thrive Wealth Management LLC’s holdings in Starbucks were worth $352,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SBUX. Bridges Investment Management Inc. boosted its stake in Starbucks by 21.0% in the second quarter. Bridges Investment Management Inc. now owns 4,312 shares of the coffee company’s stock valued at $336,000 after acquiring an additional 747 shares in the last quarter. AE Wealth Management LLC boosted its stake in Starbucks by 42.1% in the second quarter. AE Wealth Management LLC now owns 23,099 shares of the coffee company’s stock valued at $1,798,000 after acquiring an additional 6,841 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Starbucks by 0.9% in the second quarter. Pacer Advisors Inc. now owns 134,130 shares of the coffee company’s stock valued at $10,442,000 after acquiring an additional 1,182 shares in the last quarter. Summit Trail Advisors LLC boosted its stake in Starbucks by 27.0% in the second quarter. Summit Trail Advisors LLC now owns 16,672 shares of the coffee company’s stock valued at $1,298,000 after acquiring an additional 3,549 shares in the last quarter. Finally, Sompo Asset Management Co. Ltd. boosted its stake in Starbucks by 5.5% in the second quarter. Sompo Asset Management Co. Ltd. now owns 6,760 shares of the coffee company’s stock valued at $526,000 after acquiring an additional 350 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Rachel Ruggeri sold 1,452 shares of Starbucks stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $99.07, for a total value of $143,849.64. Following the sale, the chief financial officer now owns 65,648 shares in the company, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several recent analyst reports. Redburn Atlantic restated a “sell” rating and issued a $77.00 target price (down from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. TD Cowen restated a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Monday, November 11th. Barclays decreased their price target on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Sanford C. Bernstein raised 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. Finally, Wedbush decreased their price target on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $103.92.

Starbucks Stock Performance

SBUX opened at $95.13 on Monday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.32. The company has a fifty day moving average of $95.84 and a two-hundred day moving average of $91.60. The stock has a market capitalization of $107.86 billion, a price-to-earnings ratio of 28.74, a PEG ratio of 2.73 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same quarter last year, the business earned $1.06 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, equities research analysts forecast that Starbucks Co. will post 3.1 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 annualized dividend and a dividend yield of 2.56%. Starbucks’s dividend payout ratio (DPR) is 73.72%.

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.