Palisade Asset Management LLC Has $568,000 Stake in Starbucks Co. (NASDAQ:SBUX)

Palisade Asset Management LLC cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 29.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,829 shares of the coffee company’s stock after selling 2,447 shares during the quarter. Palisade Asset Management LLC’s holdings in Starbucks were worth $568,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of SBUX. Marshall Wace LLP boosted its position in shares of Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in Starbucks in the second quarter valued at approximately $243,910,000. Van ECK Associates Corp boosted its holdings in shares of Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after buying an additional 2,324,847 shares in the last quarter. National Bank of Canada FI grew its position in shares of Starbucks by 89.2% during the 2nd quarter. National Bank of Canada FI now owns 2,553,739 shares of the coffee company’s stock worth $196,943,000 after buying an additional 1,204,153 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Starbucks by 158.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,824,133 shares of the coffee company’s stock valued at $142,009,000 after acquiring an additional 1,117,343 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Activity

In other news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the transaction, the chief financial officer now owns 80,124 shares in the company, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Stock Up 2.4 %

Shares of NASDAQ SBUX opened at $102.50 on Friday. The company has a market capitalization of $116.21 billion, a PE ratio of 30.97, a PEG ratio of 2.90 and a beta of 0.97. The stock’s 50 day moving average price is $97.11 and its 200-day moving average price is $87.00. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $103.60.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 EPS. As a group, research analysts expect that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.38%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is presently 73.72%.

Analyst Ratings Changes

SBUX has been the topic of several research analyst reports. Morgan Stanley increased their target price on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a research report on Wednesday, August 21st. TD Cowen reaffirmed a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research report on Monday, November 11th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and an average price target of $102.81.

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.