Procyon Advisors LLC Sells 904 Shares of Starbucks Co. (NASDAQ:SBUX)

Procyon Advisors LLC decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 38,020 shares of the coffee company’s stock after selling 904 shares during the period. Procyon Advisors LLC’s holdings in Starbucks were worth $3,469,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL bought a new stake in shares of Starbucks in the 2nd quarter worth approximately $25,000. DT Investment Partners LLC increased its position in Starbucks by 39.4% in the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock worth $42,000 after buying an additional 121 shares during the last quarter. FSA Wealth Management LLC bought a new stake in shares of Starbucks in the third quarter valued at $49,000. Friedenthal Financial bought a new stake in Starbucks in the 3rd quarter valued at about $50,000. Finally, Capital Performance Advisors LLP bought a new stake in shares of Starbucks in the third quarter valued at approximately $71,000. 72.29% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $99.07, for a total transaction of $143,849.64. Following the transaction, the chief financial officer now directly owns 65,648 shares of the company’s stock, valued at $6,503,747.36. This represents a 2.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. BTIG Research upped their target price on Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. UBS Group raised their price objective on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Citigroup raised their price objective on Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Wedbush lowered their price target on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $103.92.

Starbucks Price Performance

Starbucks stock opened at $94.43 on Friday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $103.32. The firm has a market capitalization of $107.06 billion, a P/E ratio of 28.53, a price-to-earnings-growth ratio of 2.73 and a beta of 0.99. The company’s 50-day moving average is $95.92 and its 200 day moving average is $91.35.

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, hitting the consensus estimate of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the prior year, the firm earned $1.06 earnings per share. Starbucks’s revenue was down 3.2% compared to the same quarter last year. Research analysts anticipate that Starbucks Co. will post 3.1 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, February 14th. Starbucks’s dividend payout ratio is currently 73.72%.

Starbucks 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.