Hennessy Advisors Inc. Sells 1,200 Shares of Starbucks Co. (NASDAQ:SBUX)

Hennessy Advisors Inc. cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,000 shares of the coffee company’s stock after selling 1,200 shares during the quarter. Hennessy Advisors Inc.’s holdings in Starbucks were worth $4,282,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SBUX. Tennessee Valley Asset Management Partners purchased a new position in shares of Starbucks in the 4th quarter worth about $38,000. Federated Hermes Inc. lifted its position in Starbucks by 22.7% in the 4th quarter. Federated Hermes Inc. now owns 67,595 shares of the coffee company’s stock valued at $6,490,000 after acquiring an additional 12,495 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in shares of Starbucks by 14.4% in the 4th quarter. J.W. Cole Advisors Inc. now owns 7,159 shares of the coffee company’s stock worth $687,000 after purchasing an additional 901 shares in the last quarter. CWM LLC raised its stake in shares of Starbucks by 29.3% in the fourth quarter. CWM LLC now owns 77,579 shares of the coffee company’s stock worth $7,448,000 after purchasing an additional 17,578 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Starbucks during the fourth quarter valued at $277,000. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SBUX. Morgan Stanley restated an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a research report on Wednesday, July 31st. TD Cowen raised Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $81.00 to $105.00 in a report on Tuesday, August 13th. Jefferies Financial Group lowered their target price on Starbucks from $84.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. Citigroup boosted their price target on Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Finally, Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and raised their price objective for the stock from $80.00 to $110.00 in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.21.

Starbucks Stock Up 0.2 %

Shares of NASDAQ SBUX opened at $92.61 on Friday. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a market cap of $104.90 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 2.28 and a beta of 0.94. The business has a fifty day simple moving average of $79.22 and a two-hundred day simple moving average of $83.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the previous year, the company posted $1.00 earnings per share. The firm’s quarterly revenue was down .6% on a year-over-year basis. On average, research analysts expect that Starbucks Co. will post 3.55 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 issued a $0.57 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.46%. Starbucks’s dividend payout ratio is presently 62.81%.

Insider Transactions at Starbucks

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. Insiders sold 9,790 shares of company stock valued at $865,514 in the last quarter. 1.98% of the stock is currently owned by corporate insiders.

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.