Glenview Trust co Sells 63,657 Shares of Starbucks Corporation $SBUX

Glenview Trust co decreased its position in Starbucks Corporation (NASDAQ:SBUX) by 35.8% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 114,352 shares of the coffee company’s stock after selling 63,657 shares during the period. Glenview Trust co’s holdings in Starbucks were worth $10,478,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in Starbucks during the second quarter worth $1,246,316,000. Wellington Management Group LLP lifted its position in Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after buying an additional 3,545,655 shares in the last quarter. Invesco Ltd. lifted its position in Starbucks by 11.2% during the 2nd quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock worth $1,169,011,000 after buying an additional 1,286,451 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Starbucks by 68.0% during the 2nd quarter. California Public Employees Retirement System now owns 3,027,814 shares of the coffee company’s stock worth $277,439,000 after buying an additional 1,225,447 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Starbucks by 22.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,578,977 shares of the coffee company’s stock worth $511,202,000 after buying an additional 1,026,056 shares during the last quarter. 72.29% of the stock is owned by institutional investors.

Insider Buying and Selling at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was acquired at an average price of $85.00 per share, with a total value of $994,500.00. Following the completion of the purchase, the director directly owned 53,096 shares in the company, valued at $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.09% of the company’s stock.

Starbucks Trading Up 1.9%

SBUX stock opened at $83.85 on Thursday. The firm has a market capitalization of $95.35 billion, a PE ratio of 51.13, a PEG ratio of 1.68 and a beta of 0.98. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The business’s 50 day simple moving average is $84.06 and its 200 day simple moving average is $87.68.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. The company had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same quarter last year, the company posted $0.80 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 annualized dividend and a yield of 3.0%. Starbucks’s payout ratio is currently 151.22%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SBUX. Barclays lowered their target price on Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 22nd. Morgan Stanley set a $105.00 price target on Starbucks and gave the stock an “overweight” rating in a research report on Monday, October 20th. TD Cowen reissued a “hold” rating and issued a $84.00 price objective on shares of Starbucks in a report on Monday, December 1st. Citigroup decreased their target price on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Finally, Wells Fargo & Company set a $100.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $101.44.

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.