Red Cedar Investment Management LLC Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Red Cedar Investment Management LLC cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 22.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,815 shares of the coffee company’s stock after selling 7,068 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Starbucks were worth $2,382,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Riggs Asset Managment Co. Inc. lifted its stake in shares of Starbucks by 1,578.9% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after purchasing an additional 300 shares during the period. Cypress Capital Management LLC WY boosted its stake in Starbucks by 133.1% in the 4th quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock worth $31,000 after buying an additional 185 shares during the last quarter. Atticus Wealth Management LLC grew its holdings in Starbucks by 153.8% in the 4th quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after buying an additional 200 shares during the period. Evolution Advisers Inc. acquired a new position in shares of Starbucks during the 4th quarter valued at about $36,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Starbucks during the 4th quarter worth about $38,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Down 2.4 %

Shares of Starbucks stock traded down $1.82 on Friday, hitting $73.11. 22,153,770 shares of the company’s stock traded hands, compared to its average volume of 12,042,146. Starbucks Co. has a 52-week low of $72.67 and a 52-week high of $108.12. The stock has a market cap of $82.81 billion, a P/E ratio of 20.14, a PEG ratio of 1.36 and a beta of 0.97. The firm’s 50-day moving average is $88.89 and its 200 day moving average is $93.84.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.74 earnings per share. Equities research analysts forecast that Starbucks Co. will post 3.63 EPS for the current year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.12%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is currently 62.81%.

Insiders Place Their Bets

In other Starbucks news, insider Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on 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 transaction, the insider now owns 84,153 shares of the company’s stock, valued at $7,912,906.59. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 7,250 shares of company stock valued at $651,738 in the last quarter. Insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on SBUX. Barclays dropped their price target on shares of Starbucks from $116.00 to $112.00 and set an “overweight” rating for the company in a research report on Wednesday, January 31st. Jefferies Financial Group lowered their price target on Starbucks from $94.00 to $84.00 and set a “hold” rating for the company in a research report on Wednesday. HSBC dropped their price target on Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a research note on Friday. JPMorgan Chase & Co. decreased their target price on Starbucks from $100.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Wedbush dropped their target price on shares of Starbucks from $95.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Seventeen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $97.09.

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.