Northern Trust Corp Has $1.48 Billion Position in Starbucks Co. (NASDAQ:SBUX)

Northern Trust Corp trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 4.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,985,721 shares of the coffee company’s stock after selling 639,451 shares during the period. Northern Trust Corp owned approximately 1.31% of Starbucks worth $1,484,486,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Starbucks by 80,389.3% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 125,195,416 shares of the coffee company’s stock valued at $12,401,858,000 after buying an additional 125,039,873 shares during the period. State Street Corp increased its stake in Starbucks by 0.3% in the first quarter. State Street Corp now owns 44,120,185 shares of the coffee company’s stock valued at $4,594,235,000 after acquiring an additional 135,644 shares during the period. Morgan Stanley raised its position in Starbucks by 46.3% in the fourth quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock worth $2,650,462,000 after purchasing an additional 8,451,599 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Starbucks by 1.6% during the first quarter. Geode Capital Management LLC now owns 21,506,132 shares of the coffee company’s stock valued at $2,234,305,000 after purchasing an additional 330,954 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Starbucks in the 4th quarter valued at approximately $1,222,931,000. 70.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Barclays decreased their price target on Starbucks from $123.00 to $116.00 and set an “overweight” rating on the stock in a research note on Monday, October 23rd. UBS Group lowered their target price on shares of Starbucks from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, October 12th. Morgan Stanley cut their price target on shares of Starbucks from $104.00 to $102.00 and set an “equal weight” rating for the company in a report on Wednesday, October 11th. Jefferies Financial Group dropped their price target on Starbucks from $107.00 to $100.00 in a report on Tuesday, October 3rd. Finally, Wedbush boosted their price objective on Starbucks from $100.00 to $106.00 and gave the stock a “neutral” rating in a research note on Monday, November 6th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $114.52.

Starbucks Stock Performance

NASDAQ:SBUX traded down $0.97 during trading hours on Tuesday, hitting $103.33. The stock had a trading volume of 637,215 shares, compared to its average volume of 6,366,998. The business’s 50 day moving average is $96.09 and its 200-day moving average is $98.73. The company has a market cap of $118.35 billion, a price-to-earnings ratio of 29.13, a P/E/G ratio of 1.56 and a beta of 0.98. Starbucks Co. has a one year low of $89.21 and a one year high of $115.48.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 2nd. The coffee company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.09. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a net margin of 11.47% and a negative return on equity of 48.79%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 EPS. On average, sell-side analysts anticipate that Starbucks Co. will post 4.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 10th will be issued a $0.57 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Thursday, November 9th. Starbucks’s dividend payout ratio is currently 63.69%.

Insider Activity

In other Starbucks news, CFO Rachel Ruggeri sold 504 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $105.66, for a total value of $53,252.64. Following the transaction, the chief financial officer now directly owns 75,027 shares of the company’s stock, valued at approximately $7,927,352.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Rachel Ruggeri sold 504 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $105.66, for a total transaction of $53,252.64. Following the transaction, the chief financial officer now directly owns 75,027 shares of the company’s stock, valued at $7,927,352.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Aaron Conway sold 6,500 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $104.77, for a total value of $681,005.00. Following the sale, the insider now directly owns 72,822 shares in the company, valued at approximately $7,629,560.94. The disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.