Baker Tilly Wealth Management LLC Sells 2,416 Shares of Starbucks Co. (NASDAQ:SBUX)

Baker Tilly Wealth Management LLC reduced its position in Starbucks Co. (NASDAQ:SBUX) by 18.4% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,723 shares of the coffee company’s stock after selling 2,416 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Starbucks were worth $1,045,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Hibernia Wealth Partners LLC acquired a new stake in shares of Starbucks during the third quarter worth $379,000. Klein Pavlis & Peasley Financial Inc. grew its stake in Starbucks by 4.9% during the 3rd quarter. Klein Pavlis & Peasley Financial Inc. now owns 29,550 shares of the coffee company’s stock valued at $2,881,000 after purchasing an additional 1,372 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Starbucks by 6.9% in the third quarter. State of Alaska Department of Revenue now owns 131,659 shares of the coffee company’s stock valued at $12,835,000 after purchasing an additional 8,450 shares during the period. Amarillo National Bank acquired a new position in shares of Starbucks in the third quarter valued at about $217,000. Finally, Goldstein Advisors LLC acquired a new stake in shares of Starbucks during the third quarter worth about $220,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

SBUX opened at $97.38 on Monday. The business’s 50 day moving average price is $95.48 and its 200 day moving average price is $85.03. The stock has a market capitalization of $110.35 billion, a PE ratio of 27.26, a P/E/G ratio of 2.59 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. The business had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 EPS. As a group, equities research analysts forecast that Starbucks Co. will post 3.34 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders 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 dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is currently 63.87%.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on SBUX. UBS Group lifted their price objective on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. TD Cowen reaffirmed a “buy” rating and set a $110.00 price target on shares of Starbucks in a research report on Wednesday, October 23rd. Barclays upped their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. DZ Bank downgraded Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target for the company. in a report on Wednesday, August 21st. Finally, Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.48.

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.