DNB Asset Management AS trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 18.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 206,782 shares of the coffee company’s stock after selling 46,580 shares during the period. DNB Asset Management AS’s holdings in Starbucks were worth $17,335,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Swedbank increased its stake in shares of Starbucks by 4.8% in the second quarter. Swedbank now owns 1,634,800 shares of the coffee company’s stock worth $137,045,000 after buying an additional 75,163 shares during the last quarter. Winfield Associates Inc. increased its stake in Starbucks by 6.1% during the second quarter. Winfield Associates Inc. now owns 3,455 shares of the coffee company’s stock valued at $290,000 after purchasing an additional 200 shares during the last quarter. Summit Financial Group Inc. increased its stake in Starbucks by 10.2% during the second quarter. Summit Financial Group Inc. now owns 4,214 shares of the coffee company’s stock valued at $353,000 after purchasing an additional 389 shares during the last quarter. Bath Savings Trust Co grew its position in shares of Starbucks by 0.6% during the second quarter. Bath Savings Trust Co now owns 138,722 shares of the coffee company’s stock worth $11,629,000 after acquiring an additional 845 shares during the last quarter. Finally, Neville Rodie & Shaw Inc. bought a new position in shares of Starbucks during the second quarter worth about $218,000. 72.54% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Lucy Lee Helm sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $83.00, for a total value of $830,000.00. Following the transaction, the executive vice president now owns 113,455 shares in the company, valued at $9,416,765. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Myron E. Ullman III sold 9,973 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $76.12, for a total value of $759,144.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,801 shares of company stock worth $6,301,684. 3.98% of the stock is owned by corporate insiders.
SBUX has been the subject of several recent research reports. BMO Capital Markets upped their price target on shares of Starbucks to $84.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. UBS Group upped their price target on shares of Starbucks from $78.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. OTR Global raised shares of Starbucks to a “positive” rating in a report on Tuesday, July 16th. Stifel Nicolaus upped their price objective on shares of Starbucks from $86.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Finally, Barclays upped their price objective on shares of Starbucks from $75.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $89.53.
Shares of Starbucks stock opened at $95.53 on Friday. Starbucks Co. has a 52-week low of $52.42 and a 52-week high of $99.72. The business’s 50 day simple moving average is $91.61 and its 200 day simple moving average is $79.38. The firm has a market cap of $115.67 billion, a PE ratio of 39.48, a P/E/G ratio of 2.67 and a beta of 0.55.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.06. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. As a group, analysts anticipate that Starbucks Co. will post 2.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, August 8th will be given a dividend of $0.36 per share. The ex-dividend date is Wednesday, August 7th. This represents a $1.44 annualized dividend and a dividend yield of 1.51%. Starbucks’s payout ratio is 59.50%.
Starbucks Company Profile
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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