Perkins Coie Trust Co Sells 3,387 Shares of Starbucks Co. (NASDAQ:SBUX)

Perkins Coie Trust Co reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 8.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,062 shares of the coffee company's stock after selling 3,387 shares during the quarter. Perkins Coie Trust Co's holdings in Starbucks were worth $3,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Starbucks by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 111,106,209 shares of the coffee company's stock valued at $10,138,442,000 after acquiring an additional 784,432 shares during the period. Capital World Investors lifted its holdings in Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock valued at $5,011,796,000 after acquiring an additional 9,174,682 shares during the period. FMR LLC lifted its holdings in Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company's stock valued at $2,292,989,000 after acquiring an additional 5,348,790 shares during the period. Geode Capital Management LLC lifted its holdings in Starbucks by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 24,826,001 shares of the coffee company's stock valued at $2,259,516,000 after acquiring an additional 548,245 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Starbucks by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 15,868,817 shares of the coffee company's stock valued at $1,448,030,000 after acquiring an additional 718,880 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Up 3.0%

SBUX opened at $89.64 on Friday. The stock's fifty day moving average is $84.45 and its two-hundred day moving average is $95.19. The company has a market capitalization of $101.87 billion, a P/E ratio of 28.92, a PEG ratio of 3.59 and a beta of 1.00. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). The firm had revenue of $8.76 billion for the quarter, compared to analysts' expectations of $8.90 billion. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. The company's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.68 earnings per share. Equities analysts anticipate that Starbucks Co. will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a dividend of $0.61 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $2.44 annualized dividend and a yield of 2.72%. Starbucks's payout ratio is currently 88.41%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. The Goldman Sachs Group cut Starbucks from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $103.00 to $85.00 in a research report on Wednesday, April 30th. TD Cowen restated a "hold" rating and issued a $90.00 price target on shares of Starbucks in a research report on Thursday, May 29th. Wells Fargo & Company reduced their price target on Starbucks from $125.00 to $100.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. UBS Group reduced their price target on Starbucks from $105.00 to $90.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Finally, Guggenheim reduced their price target on Starbucks from $95.00 to $83.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $97.92.

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.

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