Linscomb Wealth Inc. Sells 1,218 Shares of Starbucks Co. (NASDAQ:SBUX)

Linscomb Wealth Inc. reduced its position in Starbucks Co. (NASDAQ:SBUX) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,325 shares of the coffee company’s stock after selling 1,218 shares during the quarter. Linscomb Wealth Inc.’s holdings in Starbucks were worth $812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Archer Investment Corp lifted its holdings in shares of Starbucks by 10.2% in the third quarter. Archer Investment Corp now owns 2,301 shares of the coffee company’s stock worth $224,000 after buying an additional 213 shares in the last quarter. Valley Wealth Managers Inc. lifted its holdings in shares of Starbucks by 2.4% in the third quarter. Valley Wealth Managers Inc. now owns 51,667 shares of the coffee company’s stock worth $5,037,000 after buying an additional 1,192 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Starbucks by 14.2% in the third quarter. Empowered Funds LLC now owns 39,941 shares of the coffee company’s stock worth $3,894,000 after buying an additional 4,966 shares in the last quarter. Empirical Finance LLC lifted its holdings in shares of Starbucks by 2.1% in the third quarter. Empirical Finance LLC now owns 39,692 shares of the coffee company’s stock worth $3,870,000 after buying an additional 810 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC lifted its holdings in shares of Starbucks by 15.7% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 10,304 shares of the coffee company’s stock worth $1,004,000 after buying an additional 1,400 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SBUX. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Citigroup upped their price target on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and increased their target price for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Finally, Stifel Nicolaus increased their target price on shares of Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $102.81.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $98.42 on Friday. The firm’s 50 day simple moving average is $96.75 and its 200-day simple moving average is $86.19. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The stock has a market capitalization of $111.53 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.89 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter last year, the company earned $1.06 EPS. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. Analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is 73.72%.

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.