Ledyard National Bank Sells 1,222 Shares of Starbucks Co. (NASDAQ:SBUX)

Ledyard National Bank trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 1.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 67,155 shares of the coffee company’s stock after selling 1,222 shares during the quarter. Ledyard National Bank’s holdings in Starbucks were worth $6,448,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Starbucks by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 106,891,648 shares of the coffee company’s stock valued at $9,756,001,000 after purchasing an additional 387,632 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Starbucks by 1.5% in the third quarter. Northern Trust Corp now owns 15,217,752 shares of the coffee company’s stock valued at $1,388,924,000 after buying an additional 232,031 shares during the last quarter. Invesco Ltd. lifted its position in Starbucks by 11.8% during the 3rd quarter. Invesco Ltd. now owns 10,541,739 shares of the coffee company’s stock worth $962,144,000 after buying an additional 1,115,051 shares in the last quarter. Nordea Investment Management AB grew its holdings in Starbucks by 44.8% during the 4th quarter. Nordea Investment Management AB now owns 5,146,033 shares of the coffee company’s stock worth $493,350,000 after acquiring an additional 1,591,206 shares during the last quarter. Finally, Jensen Investment Management Inc. increased its position in Starbucks by 2.8% in the 3rd quarter. Jensen Investment Management Inc. now owns 4,956,442 shares of the coffee company’s stock valued at $452,374,000 after acquiring an additional 133,620 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price target on shares of Starbucks in a report on Wednesday, January 31st. JPMorgan Chase & Co. dropped their target price on Starbucks from $107.00 to $100.00 and set an “overweight” rating for the company in a research report on Tuesday, March 19th. Piper Sandler decreased their price target on Starbucks from $107.00 to $100.00 and set a “neutral” rating on the stock in a report on Friday, January 19th. BMO Capital Markets dropped their price objective on Starbucks from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $105.00 target price on shares of Starbucks in a research note on Monday, April 1st. Fourteen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $106.55.

Insider Transactions at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 7,250 shares of company stock valued at $651,738 over the last 90 days. 1.98% of the stock is owned by corporate insiders.

Starbucks Stock Up 0.1 %

Shares of NASDAQ:SBUX traded up $0.08 during midday trading on Monday, reaching $88.33. 8,519,671 shares of the company were exchanged, compared to its average volume of 8,378,088. The firm has a market cap of $100.01 billion, a PE ratio of 23.62, a P/E/G ratio of 1.48 and a beta of 0.98. Starbucks Co. has a fifty-two week low of $84.29 and a fifty-two week high of $115.48. The stock has a fifty day simple moving average of $90.27 and a two-hundred day simple moving average of $94.27.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.02). The firm had revenue of $9.43 billion during the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 EPS. As a group, analysts forecast that Starbucks Co. will post 3.99 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.58%. Starbucks’s dividend payout ratio (DPR) is presently 60.96%.

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.