Mogy Joel R Investment Counsel Inc. Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Mogy Joel R Investment Counsel Inc. cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 338,380 shares of the coffee company’s stock after selling 5,718 shares during the quarter. Starbucks makes up approximately 2.5% of Mogy Joel R Investment Counsel Inc.’s investment portfolio, making the stock its 18th biggest position. Mogy Joel R Investment Counsel Inc.’s holdings in Starbucks were worth $32,488,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Riggs Asset Managment Co. Inc. grew its position in shares of Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after buying an additional 300 shares during the period. Atticus Wealth Management LLC grew its position in Starbucks by 153.8% during the 4th quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. Evolution Advisers Inc. purchased a new stake in Starbucks during the 4th quarter valued at about $36,000. Financial Connections Group Inc. purchased a new stake in Starbucks during the 4th quarter valued at about $38,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in Starbucks during the 4th quarter valued at about $38,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the insider now directly owns 84,153 shares of the company’s stock, valued at $7,912,906.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 7,250 shares of company stock valued at $651,738. 1.98% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Cowen reissued a “hold” rating and set a $100.00 price objective on shares of Starbucks in a research report on Thursday, April 11th. Guggenheim cut their price objective on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Wedbush cut their price objective on shares of Starbucks from $95.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday. Jefferies Financial Group dropped their price target on shares of Starbucks from $100.00 to $94.00 and set a “hold” rating on the stock in a report on Tuesday, April 16th. Finally, Stifel Nicolaus dropped their price target on shares of Starbucks from $102.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, April 11th. Fourteen research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $106.55.

Starbucks Stock Performance

SBUX stock traded up $0.41 during mid-day trading on Friday, reaching $88.25. 7,185,257 shares of the stock traded hands, compared to its average volume of 7,387,159. Starbucks Co. has a one year low of $84.29 and a one year high of $115.48. The stock has a market capitalization of $99.92 billion, a PE ratio of 23.60, a PEG ratio of 1.48 and a beta of 0.97. The business has a 50-day moving average price of $90.36 and a two-hundred day moving average price of $94.27.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The company had revenue of $9.43 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.75 earnings per share. On average, equities analysts expect that Starbucks Co. will post 3.99 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, May 31st. Stockholders of record on Friday, May 17th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio is currently 60.96%.

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.