Fort Washington Investment Advisors Inc. OH Reduces Stock Position in Starbucks Corporation $SBUX

Fort Washington Investment Advisors Inc. OH trimmed its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 9.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 992,361 shares of the coffee company’s stock after selling 108,080 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned 0.09% of Starbucks worth $83,954,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank bought a new stake in Starbucks during the second quarter worth approximately $1,246,316,000. Corient Private Wealth LLC boosted its holdings in shares of Starbucks by 146.6% in the 2nd quarter. Corient Private Wealth LLC now owns 6,049,192 shares of the coffee company’s stock worth $553,201,000 after purchasing an additional 3,596,014 shares during the period. Invesco Ltd. increased its position in shares of Starbucks by 11.2% during the 2nd quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock valued at $1,169,011,000 after purchasing an additional 1,286,451 shares during the last quarter. California Public Employees Retirement System raised its holdings in 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 valued at $277,439,000 after buying an additional 1,225,447 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in 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 valued at $511,202,000 after buying an additional 1,026,056 shares during the period. Institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SBUX. Barclays dropped their price objective on shares of Starbucks from $115.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, October 22nd. Dbs Bank cut shares of Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. Morgan Stanley set a $105.00 price target on shares of Starbucks and gave the company an “overweight” rating in a report on Monday, October 20th. Piper Sandler decreased their price objective on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada set a $100.00 target price on Starbucks and gave the company an “outperform” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and a consensus target price of $101.44.

Starbucks Price Performance

SBUX stock opened at $85.57 on Tuesday. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The firm’s 50-day moving average is $84.85 and its 200 day moving average is $87.45. The company has a market capitalization of $97.30 billion, a PE ratio of 52.18, a P/E/G ratio of 1.77 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last issued its 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). The company had revenue of $9.57 billion during the quarter, compared to the consensus estimate of $9.41 billion. Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.Starbucks’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. Sell-side analysts forecast that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be paid 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 2.9%. Starbucks’s dividend payout ratio is 151.22%.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp acquired 11,700 shares of Starbucks stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the acquisition, the director directly owned 53,096 shares of the company’s stock, valued at $4,513,160. This trade represents a 28.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.09% of the stock is owned by insiders.

About Starbucks

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.