MV Capital Management Inc. Cuts Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

MV Capital Management Inc. lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 87.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,283 shares of the coffee company’s stock after selling 16,192 shares during the period. MV Capital Management Inc.’s holdings in Starbucks were worth $209,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SBUX. Scarborough Advisors LLC purchased a new stake in Starbucks during the fourth quarter valued at approximately $26,000. Vima LLC acquired a new stake in shares of Starbucks in the 4th quarter worth $26,000. DSM Capital Partners LLC purchased a new position in Starbucks during the 4th quarter worth $27,000. Fairman Group LLC acquired a new position in Starbucks during the 4th quarter valued at about $30,000. Finally, Riggs Asset Managment Co. Inc. raised its stake in Starbucks by 1,578.9% in the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,750 shares of company stock worth $878,893. Company insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Guggenheim lowered their target price on Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. BTIG Research reduced their price target on Starbucks from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Wells Fargo & Company lowered their price objective on Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Finally, Morgan Stanley decreased their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, April 12th. Seventeen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Starbucks currently has a consensus rating of “Hold” and a consensus target price of $94.54.

Starbucks Stock Performance

NASDAQ:SBUX opened at $76.83 on Wednesday. The stock has a 50 day moving average price of $79.44 and a 200 day moving average price of $87.80. The stock has a market cap of $87.03 billion, a PE ratio of 21.17, a P/E/G ratio of 1.70 and a beta of 0.94. Starbucks Co. has a one year low of $71.80 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period in the previous year, the firm posted $0.74 EPS. The company’s revenue was down 1.8% compared to the same quarter last year. As a group, analysts predict that Starbucks Co. will post 3.59 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

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.