Lincoln National Corp Grows Stock Position in Starbucks Co. (NASDAQ:SBUX)

Lincoln National Corp boosted its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 14.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87,178 shares of the coffee company's stock after purchasing an additional 11,108 shares during the period. Lincoln National Corp's holdings in Starbucks were worth $8,370,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Cutler Investment Counsel LLC grew its holdings in shares of Starbucks by 12.3% during the 3rd quarter. Cutler Investment Counsel LLC now owns 12,584 shares of the coffee company's stock worth $1,149,000 after acquiring an additional 1,380 shares during the period. Concord Wealth Partners grew its holdings in shares of Starbucks by 270.8% during the 3rd quarter. Concord Wealth Partners now owns 8,188 shares of the coffee company's stock worth $747,000 after acquiring an additional 5,980 shares during the period. Hixon Zuercher LLC grew its holdings in shares of Starbucks by 5.4% during the 3rd quarter. Hixon Zuercher LLC now owns 64,091 shares of the coffee company's stock worth $5,850,000 after acquiring an additional 3,266 shares during the period. Vision Capital Management Inc. grew its holdings in shares of Starbucks by 0.6% during the 3rd quarter. Vision Capital Management Inc. now owns 96,457 shares of the coffee company's stock worth $8,804,000 after acquiring an additional 556 shares during the period. Finally, Verdence Capital Advisors LLC grew its holdings in shares of Starbucks by 4.1% during the 3rd quarter. Verdence Capital Advisors LLC now owns 8,843 shares of the coffee company's stock worth $807,000 after acquiring an additional 345 shares during the period. Hedge funds and other institutional investors own 72.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SBUX. TD Cowen reduced their target price on Starbucks from $100.00 to $85.00 and set a "hold" rating on the stock in a report on Wednesday, May 1st. Piper Sandler dropped their price target on Starbucks from $88.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday. Citigroup dropped their price target on Starbucks from $95.00 to $85.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 1st. Guggenheim dropped their price target on Starbucks from $100.00 to $91.00 and set a "buy" rating on the stock in a research report on Friday, April 19th. Finally, Morgan Stanley dropped their price target on Starbucks from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, April 12th. Seventeen analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $96.43.

Starbucks Trading Down 0.5 %

NASDAQ SBUX traded down $0.40 during trading hours on Tuesday, hitting $72.50. 21,888,790 shares of the company's stock traded hands, compared to its average volume of 9,714,714. Starbucks Co. has a 52 week low of $71.80 and a 52 week high of $108.12. The firm has a market capitalization of $82.12 billion, a P/E ratio of 19.97, a P/E/G ratio of 1.58 and a beta of 0.97. The business's fifty day moving average price is $88.03 and its two-hundred day moving average price is $93.53.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The company had revenue of $8.56 billion during the quarter, compared to analysts' expectations of $9.12 billion. During the same quarter last year, the company earned $0.74 earnings per share. The company's revenue for the quarter was down 1.8% on a year-over-year basis. On average, sell-side analysts expect that Starbucks Co. will post 3.63 EPS for the current fiscal year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.14%. Starbucks's payout ratio is currently 62.81%.

Insider Activity at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the firm's stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares in the company, valued at approximately $6,933,582.61. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 7,250 shares of company stock worth $651,738. 1.98% of the stock is owned by company insiders.

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.