Washington Trust Advisors Inc. decreased its stake in shares of Starbucks Corporation (NASDAQ:SBUX – Free Report) by 5.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 161,961 shares of the coffee company’s stock after selling 9,855 shares during the quarter. Starbucks makes up 1.2% of Washington Trust Advisors Inc.’s investment portfolio, making the stock its 21st biggest holding. Washington Trust Advisors Inc.’s holdings in Starbucks were worth $16,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Starbucks in the second quarter worth approximately $8,504,509,000. Bank of America Corp DE purchased a new stake in shares of Starbucks in the 2nd quarter valued at approximately $1,581,287,000. Norges Bank acquired a new stake in shares of Starbucks in the 4th quarter valued at $1,232,650,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Starbucks by 65.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 19,447,854 shares of the coffee company’s stock valued at $1,637,704,000 after purchasing an additional 7,725,547 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Starbucks during the 2nd quarter worth $779,790,000. Institutional investors and hedge funds own 72.29% of the company’s stock.
Starbucks Price Performance
Shares of NASDAQ:SBUX opened at $104.47 on Monday. The company’s fifty day moving average price is $105.43 and its 200 day moving average price is $101.14. Starbucks Corporation has a 12 month low of $77.99 and a 12 month high of $110.51. The firm has a market capitalization of $119.10 billion, a P/E ratio of 60.04, a P/E/G ratio of 1.80 and a beta of 0.97.
Starbucks Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 14th. Starbucks’s payout ratio is presently 142.53%.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on SBUX. Wedbush assumed coverage on shares of Starbucks in a research note on Thursday, May 14th. They set an “outperform” rating for the company. Wells Fargo & Company downgraded Starbucks from an “overweight” rating to an “underweight” rating in a report on Monday, August 3rd. Robert W. Baird raised Starbucks to a “strong-buy” rating in a research report on Monday, August 24th. Morgan Stanley downgraded Starbucks from an “overweight” rating to an “underweight” rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group started coverage on Starbucks in a research report on Thursday, May 14th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $110.30.
View Our Latest Research Report on Starbucks
Insider Activity
In other Starbucks news, CEO Brady Brewer sold 2,229 shares of Starbucks stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.99, for a total transaction of $236,251.71. Following the transaction, the chief executive officer owned 75,135 shares of the company’s stock, valued at $7,963,558.65. The trade was a 2.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 5,046 shares of company stock valued at $526,868. 0.03% of the stock is owned by corporate insiders.
About Starbucks
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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