Polen Capital Management LLC cut its stake in shares of Starbucks Corporation (NASDAQ:SBUX – Free Report) by 23.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,785,308 shares of the coffee company’s stock after selling 2,095,833 shares during the quarter. Starbucks makes up approximately 2.4% of Polen Capital Management LLC’s holdings, making the stock its 16th biggest position. Polen Capital Management LLC owned about 0.60% of Starbucks worth $571,391,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Starbucks by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 113,438,902 shares of the coffee company’s stock valued at $9,596,931,000 after acquiring an additional 577,279 shares during the period. Compass Wealth Management LLC grew its stake in shares of Starbucks by 33.5% during the 3rd quarter. Compass Wealth Management LLC now owns 79,193 shares of the coffee company’s stock valued at $6,700,000 after acquiring an additional 19,877 shares during the period. Oak Thistle LLC bought a new position in shares of Starbucks during the 4th quarter valued at approximately $1,149,000. Czech National Bank boosted its stake in Starbucks by 3.9% in the 4th quarter. Czech National Bank now owns 299,833 shares of the coffee company’s stock worth $25,249,000 after purchasing an additional 11,135 shares during the period. Finally, Goodman Financial Corp bought a new position in Starbucks in the 4th quarter worth approximately $8,811,000. 72.29% of the stock is currently owned by institutional investors.
Starbucks Stock Performance
NASDAQ SBUX opened at $102.28 on Friday. The company has a market capitalization of $116.57 billion, a P/E ratio of 77.49, a P/E/G ratio of 1.95 and a beta of 0.98. Starbucks Corporation has a one year low of $77.99 and a one year high of $108.88. The stock has a 50 day moving average price of $100.02 and a 200-day moving average price of $94.59.
Starbucks Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, May 15th. Starbucks’s dividend payout ratio is currently 187.88%.
Insider Buying and Selling at Starbucks
In other Starbucks news, EVP Sara Kelly sold 2,000 shares of the business’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $105.00, for a total transaction of $210,000.00. Following the transaction, the executive vice president owned 57,653 shares in the company, valued at $6,053,565. The trade was a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Brady Brewer sold 1,641 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $94.33, for a total transaction of $154,795.53. Following the transaction, the chief executive officer owned 80,181 shares in the company, valued at $7,563,473.73. This trade represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 8,099 shares of company stock worth $804,907 in the last 90 days. 0.03% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on SBUX shares. Citizens Jmp started coverage on Starbucks in a research note on Monday, March 30th. They issued an “underperform” rating and a $84.00 price target for the company. Wells Fargo & Company restated an “overweight” rating and issued a $115.00 price target (up from $110.00) on shares of Starbucks in a research note on Wednesday, April 29th. Royal Bank Of Canada downgraded Starbucks from a “sector perform” rating to a “positive” rating in a research note on Thursday, May 14th. Morgan Stanley upgraded Starbucks from an “overweight” rating to an “overweight” rating in a research note on Thursday, May 14th. Finally, Evercore upped their price target on Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $107.93.
Get Our Latest Research Report on SBUX
Key Stories Impacting Starbucks
Here are the key news stories impacting Starbucks this week:
- Positive Sentiment: Starbucks is reportedly evaluating a sale or IPO-style transaction for its Japan operations, a move that could unlock value from one of its most important overseas markets and free up capital for other priorities. Starbucks Evaluates Sale and IPO Options for Japanese Operations (SBUX)
- Positive Sentiment: Additional reports said Starbucks has held early discussions with investment banks about strategic options in Japan, reinforcing speculation that management may take another asset-light step similar to its recent China ownership changes. Starbucks mulls options for Japan business, including stake sale
- Positive Sentiment: Business headlines also pointed to ongoing operational momentum, including stronger U.S. comparable-store sales, rising transactions across income groups, and improving operating income, which supports the view that the turnaround is gaining traction. Starbucks eyes massive change in key market
- Positive Sentiment: Investor enthusiasm was also reflected in unusually heavy call-option buying, a sign that some traders are positioning for further upside in SBUX. Starbucks eyes massive change in Japan
- Neutral Sentiment: CEO Brady Brewer disclosed a pre-arranged share sale under a 10b5-1 trading plan, which is routine and not necessarily a bearish signal, but it can create modest headline noise. SEC filing
Starbucks Company Profile
Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.
Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.
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