Starbucks Co. (NASDAQ:SBUX) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank reduced its position in Starbucks Co. (NASDAQ:SBUX) by 35.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 705,706 shares of the coffee company’s stock after selling 389,785 shares during the quarter. Toronto Dominion Bank’s holdings in Starbucks were worth $64,494,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SBUX. Norges Bank purchased a new position in shares of Starbucks in the 4th quarter valued at about $1,240,652,000. Ontario Teachers Pension Plan Board purchased a new position in shares of Starbucks in the 1st quarter valued at about $415,167,000. Flossbach Von Storch AG boosted its stake in shares of Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after buying an additional 2,897,282 shares during the period. Van ECK Associates Corp boosted its stake in shares of Starbucks by 2,624.3% in the 1st quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock valued at $196,516,000 after buying an additional 2,071,378 shares during the period. Finally, Bank of Nova Scotia lifted its stake in Starbucks by 342.7% during the fourth quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after purchasing an additional 1,672,656 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Price Performance

Starbucks stock traded up $0.73 during trading hours on Friday, hitting $74.05. The stock had a trading volume of 12,384,122 shares, compared to its average volume of 10,694,470. The stock has a market capitalization of $83.88 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.69 and a beta of 0.94. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The stock’s fifty day moving average is $77.88 and its two-hundred day moving average is $85.24.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company posted $0.74 EPS. As a group, sell-side analysts anticipate that Starbucks Co. will post 3.57 EPS for the current year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 3.08%. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at $6,264,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. Insiders have sold 7,250 shares of company stock worth $579,375 over the last three months. 1.98% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SBUX shares. HSBC decreased their target price on Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a research note on Friday, May 3rd. Stifel Nicolaus decreased their target price on Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, May 1st. BMO Capital Markets decreased their target price on Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Monday. William Blair cut Starbucks from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company decreased 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 investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Starbucks has an average rating of “Hold” and an average price target of $91.71.

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.