Adell Harriman & Carpenter Inc. Reduces Stake in Starbucks Co. (NASDAQ:SBUX)

Adell Harriman & Carpenter Inc. lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 2.9% in the 4th quarter, HoldingsChannel reports. The fund owned 38,647 shares of the coffee company’s stock after selling 1,136 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Starbucks were worth $3,711,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of SBUX. Riggs Asset Managment Co. Inc. boosted its position in shares of Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares during the period. Cypress Capital Management LLC WY boosted its position in shares of Starbucks by 133.1% during the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after buying an additional 185 shares during the period. Atticus Wealth Management LLC boosted its position in shares of Starbucks by 153.8% during the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after buying an additional 200 shares during the period. Evolution Advisers Inc. bought a new stake in shares of Starbucks during the fourth quarter valued at approximately $36,000. Finally, Financial Connections Group Inc. bought a new stake in shares of Starbucks during the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on SBUX. Piper Sandler decreased their price target on shares of Starbucks from $107.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, January 19th. Barclays decreased their price target on shares of Starbucks from $116.00 to $112.00 and set an “overweight” rating for the company in a research note on Wednesday, January 31st. JPMorgan Chase & Co. decreased their price target on shares of Starbucks from $107.00 to $100.00 and set an “overweight” rating for the company in a research note on Tuesday, March 19th. Morgan Stanley decreased their price target on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, April 12th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $105.00 price target on shares of Starbucks in a research note on Monday, April 1st. Fourteen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $106.55.

Insider Buying and Selling at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on 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 $6,933,582.61. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 7,250 shares of company stock valued at $651,738. 1.98% of the stock is owned by insiders.

Starbucks Stock Up 0.1 %

Shares of SBUX traded up $0.08 during trading hours on Monday, reaching $88.33. 8,264,611 shares of the company traded hands, compared to its average volume of 8,377,906. The stock has a market capitalization of $100.01 billion, a P/E ratio of 23.55, a P/E/G ratio of 1.48 and a beta of 0.98. Starbucks Co. has a 12-month low of $84.29 and a 12-month high of $115.48. The business has a fifty day moving average price of $90.36 and a 200-day moving average price of $94.30.

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

Starbucks Dividend Announcement

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

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.