Balboa Wealth Partners Sells 232 Shares of Starbucks Co. (NASDAQ:SBUX)

Balboa Wealth Partners lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 5.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,850 shares of the coffee company’s stock after selling 232 shares during the period. Balboa Wealth Partners’ holdings in Starbucks were worth $375,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. Ontario Teachers Pension Plan Board bought a new position in Starbucks during the first quarter worth about $415,167,000. Marshall Wace LLP lifted its holdings in shares of Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of Starbucks during the 2nd quarter valued at about $243,910,000. Capital World Investors bought a new position in shares of Starbucks during the 1st quarter valued at about $257,721,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after purchasing an additional 2,324,847 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SBUX shares. DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a report on Wednesday, August 21st. Morgan Stanley lifted their price objective on Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Redburn Atlantic reiterated a “sell” rating and set a $77.00 price objective (down previously from $84.00) on shares of Starbucks in a report on Wednesday. Finally, Barclays dropped their target price on Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Starbucks Price Performance

SBUX stock opened at $98.42 on Friday. The stock has a market cap of $111.53 billion, a price-to-earnings ratio of 29.73, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. The company has a fifty day moving average price of $96.60 and a two-hundred day moving average price of $86.12. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 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 business had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the prior year, the business earned $1.06 EPS. Starbucks’s quarterly revenue was down 3.2% on a year-over-year basis. Research analysts anticipate that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.48%. Starbucks’s payout ratio is 73.72%.

About Starbucks

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.