State of Alaska Department of Revenue Sells 6,020 Shares of Starbucks Corporation $SBUX

State of Alaska Department of Revenue lessened its holdings in Starbucks Corporation (NASDAQ:SBUX) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 142,109 shares of the coffee company’s stock after selling 6,020 shares during the period. State of Alaska Department of Revenue’s holdings in Starbucks were worth $12,022,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of SBUX. Vanguard Group Inc. increased its position in shares of Starbucks by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 112,861,623 shares of the coffee company’s stock valued at $10,341,511,000 after purchasing an additional 802,053 shares during the last quarter. State Street Corp boosted its holdings in shares of Starbucks by 1.2% in the 2nd quarter. State Street Corp now owns 47,513,332 shares of the coffee company’s stock worth $4,353,647,000 after buying an additional 544,534 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Starbucks by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 25,846,634 shares of the coffee company’s stock valued at $2,357,815,000 after acquiring an additional 99,983 shares during the period. Norges Bank purchased a new stake in shares of Starbucks during the 2nd quarter worth approximately $1,246,316,000. Finally, Invesco Ltd. increased its stake in shares of Starbucks by 11.2% during the 2nd quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock worth $1,169,011,000 after purchasing an additional 1,286,451 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SBUX. TD Cowen reiterated a “hold” rating and issued a $84.00 price objective on shares of Starbucks in a research note on Monday, December 1st. Dbs Bank cut Starbucks from a “hold” rating to a “strong sell” rating in a research report on Friday, November 7th. Morgan Stanley set a $105.00 target price on shares of Starbucks and gave the stock an “overweight” rating in a report on Monday, October 20th. Wall Street Zen upgraded Starbucks from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Mizuho set a $86.00 target price on Starbucks and gave the stock a “neutral” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $102.12.

Insider Buying and Selling at Starbucks

In other news, Director Jorgen Vig Knudstorp bought 11,700 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the acquisition, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.09% of the company’s stock.

Starbucks Stock Up 0.8%

NASDAQ SBUX opened at $88.88 on Friday. The stock’s 50-day simple moving average is $85.13 and its two-hundred day simple moving average is $87.13. The company has a market capitalization of $101.07 billion, a price-to-earnings ratio of 54.20, a PEG ratio of 1.86 and a beta of 0.97. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.The firm had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. During the same period in the prior year, the company earned $0.80 EPS. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be issued a dividend of $0.62 per share. The ex-dividend date is Friday, February 13th. This represents a $2.48 annualized dividend and a yield of 2.8%. Starbucks’s dividend payout ratio is currently 151.22%.

Starbucks 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.