Clearbridge Investments LLC Lowers Stock Position in Starbucks Co. (NASDAQ:SBUX)

Clearbridge Investments LLC trimmed its stake in Starbucks Co. (NASDAQ:SBUX) by 5.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,559,243 shares of the coffee company’s stock after selling 87,337 shares during the period. Clearbridge Investments LLC owned about 0.14% of Starbucks worth $142,499,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in SBUX. First National Trust Co lifted its stake in Starbucks by 2.2% during the 4th quarter. First National Trust Co now owns 5,033 shares of the coffee company’s stock worth $483,000 after acquiring an additional 106 shares in the last quarter. Quent Capital LLC raised its stake in shares of Starbucks by 2.8% in the fourth quarter. Quent Capital LLC now owns 4,004 shares of the coffee company’s stock valued at $384,000 after acquiring an additional 108 shares in the last quarter. Graybill Wealth Management LTD. boosted its holdings in Starbucks by 0.3% in the fourth quarter. Graybill Wealth Management LTD. now owns 40,088 shares of the coffee company’s stock valued at $3,849,000 after purchasing an additional 109 shares during the period. Glass Jacobson Investment Advisors llc grew its stake in Starbucks by 10.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,246 shares of the coffee company’s stock worth $120,000 after purchasing an additional 113 shares in the last quarter. Finally, Blue Bell Private Wealth Management LLC increased its holdings in Starbucks by 24.6% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 598 shares of the coffee company’s stock worth $57,000 after purchasing an additional 118 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded down $0.29 during trading on Tuesday, reaching $76.26. The company had a trading volume of 9,583,581 shares, compared to its average volume of 10,630,112. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The firm has a market capitalization of $86.38 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 1.80 and a beta of 0.94. The stock’s fifty day moving average price is $78.01 and its 200 day moving average price is $85.54.

Starbucks (NASDAQ:SBUX) last announced its quarterly 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 analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 EPS. On average, equities analysts anticipate that Starbucks Co. will post 3.57 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.99%. Starbucks’s payout ratio is 62.81%.

Analysts Set New Price Targets

A number of brokerages have recently commented on SBUX. Stifel Nicolaus lowered their price objective on Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, May 1st. Wells Fargo & Company dropped their price objective on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Morgan Stanley decreased their price objective on shares of Starbucks from $104.00 to $98.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Piper Sandler dropped their target price on Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Finally, HSBC cut their price target on Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Seventeen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Starbucks currently has an average rating of “Hold” and a consensus target price of $91.71.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Insiders sold 7,250 shares of company stock worth $579,375 in the last ninety days. Insiders own 1.98% of the company’s stock.

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.