Starbucks Co. (NASDAQ:SBUX) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 0.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 310,259 shares of the coffee company’s stock after selling 2,600 shares during the quarter. State of Michigan Retirement System’s holdings in Starbucks were worth $28,355,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in Starbucks in the fourth quarter valued at about $1,240,652,000. Flossbach Von Storch AG lifted its position in Starbucks by 8,677.8% during the 4th quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock worth $260,706,000 after acquiring an additional 2,684,470 shares in the last quarter. Bank of Nova Scotia lifted its position in Starbucks by 342.7% during the 4th quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after acquiring an additional 1,672,656 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in Starbucks by 432.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock worth $195,825,000 after acquiring an additional 1,656,591 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Starbucks by 44.8% during the fourth quarter. Nordea Investment Management AB now owns 5,146,033 shares of the coffee company’s stock valued at $493,350,000 after purchasing an additional 1,591,206 shares during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was 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 in the company, valued at approximately $6,933,582.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was 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 in the company, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,750 shares of company stock worth $878,893. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

SBUX has been the subject of several analyst reports. Guggenheim decreased their target price on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating for the company in a research note on Friday, April 19th. TD Cowen reaffirmed a “hold” rating and set a $85.00 target price on shares of Starbucks in a research report on Thursday, June 13th. Citigroup reduced their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. HSBC dropped their price objective on Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a report on Friday, May 3rd. Finally, Wells Fargo & Company reduced their target price on Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Seventeen analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $94.54.

Starbucks Price Performance

Shares of NASDAQ SBUX traded down $0.30 during mid-day trading on Tuesday, hitting $76.83. The company had a trading volume of 8,848,998 shares, compared to its average volume of 10,403,005. Starbucks Co. has a 12 month low of $71.80 and a 12 month high of $107.66. The stock has a market cap of $87.03 billion, a price-to-earnings ratio of 21.14, a PEG ratio of 1.70 and a beta of 0.94. The firm’s 50 day simple moving average is $79.44 and its two-hundred day simple moving average is $87.80.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company 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 business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.74 earnings per share. Equities analysts forecast that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Friday, August 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.