Red Cedar Investment Management LLC Sells 7,068 Shares of Starbucks Co. (NASDAQ:SBUX)

Red Cedar Investment Management LLC cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 22.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 24,815 shares of the coffee company’s stock after selling 7,068 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Starbucks were worth $2,382,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Willow Creek Wealth Management Inc. increased its position in shares of Starbucks by 3.0% during the third quarter. Willow Creek Wealth Management Inc. now owns 3,305 shares of the coffee company’s stock valued at $302,000 after purchasing an additional 97 shares during the period. Valley Brook Capital Group Inc. raised its stake in shares of Starbucks by 2.4% in the 3rd quarter. Valley Brook Capital Group Inc. now owns 4,200 shares of the coffee company’s stock valued at $383,000 after buying an additional 100 shares in the last quarter. Charles Schwab Investment Advisory Inc. raised its stake in shares of Starbucks by 4.6% in the 3rd quarter. Charles Schwab Investment Advisory Inc. now owns 2,260 shares of the coffee company’s stock valued at $206,000 after buying an additional 100 shares in the last quarter. Herold Advisors Inc. boosted its position in shares of Starbucks by 4.3% during the 3rd quarter. Herold Advisors Inc. now owns 2,422 shares of the coffee company’s stock valued at $221,000 after acquiring an additional 100 shares in the last quarter. Finally, Rodgers Brothers Inc. increased its stake in Starbucks by 1.2% in the third quarter. Rodgers Brothers Inc. now owns 8,269 shares of the coffee company’s stock valued at $755,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on SBUX. Piper Sandler decreased their price objective on Starbucks from $107.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, January 19th. UBS Group decreased their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday. BMO Capital Markets dropped their price objective on Starbucks from $125.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, January 31st. Evercore ISI reduced their target price on shares of Starbucks from $120.00 to $92.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company dropped their target price on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday. Seventeen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $97.09.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of 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 legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 7,250 shares of company stock valued at $651,738 in the last 90 days. 1.98% of the stock is owned by company insiders.

Starbucks Trading Down 2.4 %

Starbucks stock traded down $1.82 during mid-day trading on Friday, hitting $73.11. The stock had a trading volume of 22,153,770 shares, compared to its average volume of 12,042,146. The stock has a market capitalization of $82.81 billion, a PE ratio of 20.14, a P/E/G ratio of 1.36 and a beta of 0.97. Starbucks Co. has a 12 month low of $72.67 and a 12 month high of $108.12. The stock has a 50-day simple moving average of $88.89 and a two-hundred day simple moving average of $93.84.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the business posted $0.74 EPS. Sell-side analysts expect that Starbucks Co. will post 3.63 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm 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. This represents a $2.28 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is 62.81%.

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.