CNB Bank Sells 1,556 Shares of Starbucks Co. (NASDAQ:SBUX)

CNB Bank reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 19.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,593 shares of the coffee company’s stock after selling 1,556 shares during the period. CNB Bank’s holdings in Starbucks were worth $602,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SBUX. Avanza Fonder AB acquired a new position in Starbucks during the fourth quarter valued at approximately $7,887,000. Wealthcare Advisory Partners LLC raised its stake in shares of Starbucks by 17.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 11,637 shares of the coffee company’s stock worth $1,062,000 after purchasing an additional 1,759 shares in the last quarter. Capital Planning LLC boosted its holdings in shares of Starbucks by 40.7% in the 4th quarter. Capital Planning LLC now owns 12,039 shares of the coffee company’s stock valued at $1,099,000 after buying an additional 3,483 shares during the last quarter. Empirical Asset Management LLC grew its stake in shares of Starbucks by 181.0% in the fourth quarter. Empirical Asset Management LLC now owns 45,301 shares of the coffee company’s stock valued at $4,134,000 after buying an additional 29,182 shares in the last quarter. Finally, Morton Capital Management LLC CA increased its holdings in Starbucks by 144.6% during the fourth quarter. Morton Capital Management LLC CA now owns 6,771 shares of the coffee company’s stock worth $618,000 after buying an additional 4,003 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SBUX. JPMorgan Chase & Co. boosted their price objective on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Barclays decreased their target price on Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. UBS Group raised their price target on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, October 23rd. Finally, Citigroup upped their price objective on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.92.

Starbucks Trading Up 1.0 %

Shares of NASDAQ:SBUX opened at $95.35 on Friday. The company has a market capitalization of $108.11 billion, a PE ratio of 28.82, a P/E/G ratio of 2.73 and a beta of 0.99. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $103.32. The business’s fifty day simple moving average is $95.92 and its 200-day simple moving average is $91.35.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. The company 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 firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm earned $1.06 EPS. Research analysts predict that Starbucks Co. will post 3.1 EPS for the current year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 annualized dividend and a dividend yield of 2.56%. Starbucks’s payout ratio is 73.72%.

Insider Activity

In other news, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction dated 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 directly owns 80,124 shares of the company’s stock, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.98% of the company’s stock.

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.