Starbucks Co. (NASDAQ:SBUX) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 65.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 199,460 shares of the coffee company’s stock after selling 383,221 shares during the period. Bank of Nova Scotia’s holdings in Starbucks were worth $18,201,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Financial Life Planners acquired a new position in shares of Starbucks in the 4th quarter valued at about $25,000. Graney & King LLC bought a new stake in shares of Starbucks in the 4th quarter valued at about $26,000. Collier Financial purchased a new stake in shares of Starbucks in the fourth quarter worth approximately $27,000. Runnymede Capital Advisors Inc. purchased a new position in shares of Starbucks in the fourth quarter valued at $27,000. Finally, Marshall Investment Management LLC bought a new stake in shares of Starbucks in the 4th quarter valued at about $30,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of SBUX opened at $88.68 on Thursday. The firm’s 50 day moving average is $103.14 and its 200-day moving average is $98.92. The stock has a market capitalization of $100.73 billion, a P/E ratio of 28.61, a P/E/G ratio of 3.59 and a beta of 1.00. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, equities research analysts forecast that Starbucks Co. will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, May 16th. Starbucks’s dividend payout ratio is currently 78.71%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company increased their price target on Starbucks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 25th. Jefferies Financial Group raised shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective for the company in a research report on Wednesday. Wedbush increased their target price on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. BMO Capital Markets boosted their price objective on shares of Starbucks from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Finally, Baird R W downgraded shares of Starbucks from a “strong-buy” rating to a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $105.12.

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.