Mechanics Financial Corp Grows Stock Position in Starbucks Co. (NASDAQ:SBUX)

Mechanics Financial Corp boosted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 2.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,107 shares of the coffee company’s stock after purchasing an additional 270 shares during the quarter. Mechanics Financial Corp’s holdings in Starbucks were worth $970,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Riggs Asset Managment Co. Inc. boosted its position in shares of Starbucks by 1,578.9% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after acquiring an additional 300 shares in the last quarter. Cypress Capital Management LLC WY increased its stake in Starbucks by 133.1% in the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 185 shares during the last quarter. Atticus Wealth Management LLC raised its holdings in Starbucks by 153.8% during the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock worth $32,000 after purchasing an additional 200 shares in the last quarter. Evolution Advisers Inc. purchased a new stake in shares of Starbucks during the 4th quarter worth approximately $36,000. Finally, Financial Connections Group Inc. acquired a new position in shares of Starbucks in the 4th quarter valued at $38,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analyst Ratings Changes

SBUX has been the topic of several research analyst reports. TD Cowen cut their price target on shares of Starbucks from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Wednesday. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price target on shares of Starbucks in a research note on Wednesday, January 31st. Guggenheim cut their price target on Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Finally, Citigroup decreased their price objective on Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday. Sixteen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $100.39.

Starbucks Stock Performance

Starbucks stock traded down $0.03 during midday trading on Thursday, reaching $74.41. The company’s stock had a trading volume of 12,792,107 shares, compared to its average volume of 9,182,762. The firm has a market capitalization of $84.25 billion, a PE ratio of 20.36, a P/E/G ratio of 1.49 and a beta of 0.97. Starbucks Co. has a fifty-two week low of $72.67 and a fifty-two week high of $109.72. The stock’s 50 day simple moving average is $89.76 and its 200 day simple moving average is $94.11.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 50.10%. The company had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. During the same quarter last year, the business earned $0.74 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities analysts predict that Starbucks Co. will post 3.99 earnings per share for the current year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a yield of 3.06%. Starbucks’s payout ratio is 62.81%.

Insider Buying and Selling at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Monday, April 15th. The shares were 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 approximately $6,933,582.61. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 7,250 shares of company stock valued at $651,738. 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.