Thrivent Financial for Lutherans Lowers Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Thrivent Financial for Lutherans lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 15.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,836 shares of the coffee company’s stock after selling 11,249 shares during the period. Thrivent Financial for Lutherans’ holdings in Starbucks were worth $6,126,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SBUX. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Starbucks in the 2nd quarter worth $25,000. New Millennium Group LLC acquired a new stake in Starbucks in the second quarter valued at about $26,000. Stephens Consulting LLC increased its position in Starbucks by 498.2% during the 2nd 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 period. Hobbs Group Advisors LLC purchased a new position in shares of Starbucks during the 2nd quarter worth approximately $27,000. Finally, Olistico Wealth LLC purchased a new position in shares of Starbucks during the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

NASDAQ:SBUX opened at $102.50 on Friday. The business’s 50-day moving average is $97.11 and its two-hundred day moving average is $87.10. The firm has a market capitalization of $116.21 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.90 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.60.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. The firm had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. Starbucks’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 EPS. Equities analysts anticipate that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.38%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is currently 73.72%.

Insider Activity

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction on Friday, September 6th. The stock was purchased 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 in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rachel Ruggeri sold 1,452 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $99.07, for a total value of $143,849.64. Following the transaction, the chief financial officer now owns 65,648 shares of the company’s stock, valued at approximately $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

SBUX has been the subject of several research analyst reports. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and cut their price objective for the stock from $80.00 to $76.00 in a research report on Tuesday, September 24th. Stifel Nicolaus raised their price objective 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. Wedbush lowered their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada initiated coverage on shares of Starbucks in a research report on Friday, November 15th. They set an “outperform” rating and a $115.00 price target for the company. Finally, TD Cowen restated a “buy” rating and issued a $110.00 price target on shares of Starbucks in a report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.81.

Starbucks Company 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.