Hancock Whitney Corp Sells 4,423 Shares of Starbucks Co. (NASDAQ:SBUX)

Hancock Whitney Corp lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 39.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 6,853 shares of the coffee company’s stock after selling 4,423 shares during the period. Hancock Whitney Corp’s holdings in Starbucks were worth $668,000 at the end of the most recent reporting period.

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

Starbucks Stock Performance

NASDAQ SBUX opened at $100.68 on Wednesday. The stock has a market capitalization of $114.15 billion, a P/E ratio of 30.42, a price-to-earnings-growth ratio of 2.98 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32. The stock has a fifty day moving average of $97.30 and a 200-day moving average of $87.55.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same period last year, the company earned $1.06 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. Equities research analysts forecast that Starbucks Co. will post 3.12 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is currently 73.72%.

Insider Buying and Selling at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s 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 acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the sale, the chief financial officer now owns 65,648 shares in the company, valued at approximately $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Barclays reduced their target price on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Wells Fargo & Company raised their target price on Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $103.77.

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.