Chemung Canal Trust Co. Buys 459 Shares of Starbucks Co. (NASDAQ:SBUX)

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Chemung Canal Trust Co. increased its position in Starbucks Co. (NASDAQ:SBUX) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,609 shares of the coffee company’s stock after purchasing an additional 459 shares during the quarter. Starbucks makes up 1.5% of Chemung Canal Trust Co.’s portfolio, making the stock its 23rd biggest position. Chemung Canal Trust Co.’s holdings in Starbucks were worth $6,243,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SBUX. Enterprise Trust & Investment Co acquired a new position in shares of Starbucks during the 2nd quarter worth about $25,000. Northern Oak Wealth Management Inc. grew its position in shares of Starbucks by 95.7% during the 2nd quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock worth $31,000 after buying an additional 177 shares during the period. Redhawk Wealth Advisors Inc. acquired a new position in shares of Starbucks during the 2nd quarter worth about $32,000. Atlas Capital Advisors LLC grew its position in shares of Starbucks by 53.3% during the 2nd quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock worth $35,000 after buying an additional 145 shares during the period. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Starbucks during the 2nd quarter worth about $42,000. Hedge funds and other institutional investors own 70.68% of the company’s stock.

NASDAQ SBUX traded down $0.18 during trading on Friday, hitting $81.77. The stock had a trading volume of 7,054,700 shares, compared to its average volume of 8,267,584. The company’s 50-day moving average price is $85.72 and its two-hundred day moving average price is $86.55. Starbucks Co. has a 12 month low of $60.42 and a 12 month high of $99.72. The company has a market capitalization of $98.02 billion, a PE ratio of 28.89, a P/E/G ratio of 2.03 and a beta of 0.53.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.70 EPS for the quarter, meeting analysts’ consensus estimates of $0.70. The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.68 billion. Starbucks had a negative return on equity of 75.45% and a net margin of 13.58%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.62 EPS. Sell-side analysts expect that Starbucks Co. will post 3.05 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.01%. This is an increase from Starbucks’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, November 12th. Starbucks’s dividend payout ratio is presently 50.88%.

In other news, Director Javier G. Teruel sold 59,838 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $96.92, for a total transaction of $5,799,498.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Myron E. Ullman III sold 9,973 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $84.79, for a total value of $845,610.67. Following the sale, the director now owns 28,407 shares of the company’s stock, valued at $2,408,629.53. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,885 shares of company stock valued at $10,707,543. Corporate insiders own 3.98% of the company’s stock.

SBUX has been the subject of several analyst reports. BTIG Research restated a “hold” rating on shares of Starbucks in a research report on Wednesday, September 4th. Telsey Advisory Group restated a “market perform” rating and set a $90.00 target price (up from $80.00) on shares of Starbucks in a research report on Friday, July 26th. Stifel Nicolaus boosted their target price on Starbucks from $86.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, July 26th. KeyCorp lifted their price objective on Starbucks from $84.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Weeden reiterated a “neutral” rating on shares of Starbucks in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $89.64.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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