Bridgewater Associates LP Sells 1,000,348 Shares of Starbucks Co. (NASDAQ:SBUX)

Bridgewater Associates LP cut its position in Starbucks Co. (NASDAQ:SBUX) by 73.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 366,307 shares of the coffee company’s stock after selling 1,000,348 shares during the quarter. Bridgewater Associates LP’s holdings in Starbucks were worth $35,711,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Starbucks during the 2nd quarter worth approximately $25,000. New Millennium Group LLC purchased a new position in Starbucks in the second quarter worth $26,000. Stephens Consulting LLC grew its holdings in Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after purchasing an additional 279 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of Starbucks during the second quarter worth $27,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Starbucks during the 2nd quarter valued at $31,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $100.68 on Wednesday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $103.32. The company’s fifty day moving average price is $97.30 and its 200 day moving average price is $87.55. The company has a market capitalization of $114.15 billion, a PE ratio of 30.42, a price-to-earnings-growth ratio of 2.98 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $1.06 EPS. On average, equities analysts expect that Starbucks Co. will post 3.12 EPS for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.42%. Starbucks’s payout ratio is 73.72%.

Analysts Set New Price Targets

Several brokerages recently issued reports on SBUX. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and upped their target price for the company from $81.00 to $110.00 in a research report on Tuesday, August 13th. DZ Bank downgraded shares of 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. UBS Group increased their price objective on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada assumed coverage on shares of Starbucks in a report on Friday, November 15th. They issued an “outperform” rating and a $115.00 price target for the company. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and an average price target of $103.77.

Insider Transactions at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Rachel Ruggeri sold 1,452 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the transaction, the chief financial officer now directly owns 65,648 shares in the company, valued at $6,503,747.36. This represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

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.