Ledyard National Bank Cuts Stake in Starbucks Co. (NASDAQ:SBUX)

Ledyard National Bank cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,155 shares of the coffee company’s stock after selling 1,222 shares during the quarter. Ledyard National Bank’s holdings in Starbucks were worth $6,448,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cerity Partners LLC boosted its stake in shares of Starbucks by 481.9% during the fourth quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock valued at $148,567,000 after purchasing an additional 1,281,471 shares in the last quarter. Metis Global Partners LLC raised its position in shares of Starbucks by 15.4% in the 3rd quarter. Metis Global Partners LLC now owns 56,939 shares of the coffee company’s stock worth $5,197,000 after acquiring an additional 7,619 shares in the last quarter. Tyche Wealth Partners LLC purchased a new stake in shares of Starbucks during the 4th quarter worth $794,000. Insigneo Advisory Services LLC boosted its position in Starbucks by 60.6% during the third quarter. Insigneo Advisory Services LLC now owns 9,464 shares of the coffee company’s stock valued at $864,000 after purchasing an additional 3,570 shares in the last quarter. Finally, Mountain Pacific Investment Advisers Inc. ID bought a new position in shares of Starbucks during the 4th quarter worth approximately $201,000. 72.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 7,250 shares of company stock valued at $651,738. 1.98% of the stock is owned by company insiders.

Starbucks Stock Performance

Starbucks stock traded up $0.08 during midday trading on Monday, hitting $88.33. 8,519,671 shares of the company were exchanged, compared to its average volume of 8,378,088. Starbucks Co. has a fifty-two week low of $84.29 and a fifty-two week high of $115.48. The firm has a market capitalization of $100.01 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 1.48 and a beta of 0.98. The business has a fifty day simple moving average of $90.27 and a two-hundred day simple moving average of $94.27.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, January 31st. The coffee company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. The firm had revenue of $9.43 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same period in the previous year, the business earned $0.75 EPS. Starbucks’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities analysts expect that Starbucks Co. will post 3.99 earnings per share for the current year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 annualized dividend and a dividend yield of 2.58%. Starbucks’s dividend payout ratio is presently 60.96%.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Starbucks from $107.00 to $100.00 and set an “overweight” rating on the stock in a report on Tuesday, March 19th. Robert W. Baird dropped their target price on Starbucks from $106.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 18th. Piper Sandler decreased their price target on Starbucks from $107.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, January 19th. Stephens restated an “equal weight” rating and set a $110.00 price target on shares of Starbucks in a research note on Wednesday, January 31st. Finally, TD Cowen restated a “hold” rating and set a $100.00 price objective on shares of Starbucks in a report on Thursday, April 11th. Fourteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Starbucks presently has an average rating of “Hold” and a consensus price target of $106.55.

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.