Kentucky Retirement Systems Insurance Trust Fund Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 8.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,551 shares of the coffee company’s stock after selling 2,983 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Starbucks were worth $3,271,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Starbucks during the 2nd quarter valued at $25,000. New Millennium Group LLC bought a new stake in Starbucks during the second quarter valued at about $26,000. Stephens Consulting LLC lifted its position in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after acquiring an additional 279 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Starbucks in the second quarter worth about $27,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Starbucks during the second quarter worth about $31,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $98.42 on Friday. The firm has a 50-day simple moving average of $96.75 and a two-hundred day simple moving average of $86.19. The company has a market cap of $111.53 billion, a P/E ratio of 29.73, a PEG ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for 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 was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 EPS. As a group, equities research analysts expect that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.48%. Starbucks’s dividend payout ratio is presently 73.72%.

Analyst Ratings Changes

A number of research analysts recently commented on SBUX shares. Stifel Nicolaus boosted their price target on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Citigroup boosted their target price on shares of Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. TD Cowen restated a “buy” rating and set a $110.00 target price on shares of Starbucks in a research report on Monday, November 11th. Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Finally, DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research note on Wednesday, August 21st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This represents a 1.06 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.98% of the stock is currently owned by corporate insiders.

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.