Investors Financial Group LLC cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 13.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,947 shares of the coffee company’s stock after selling 936 shares during the quarter. Investors Financial Group LLC’s holdings in Starbucks were worth $511,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of SBUX. HighMark Wealth Management LLC raised its position in Starbucks by 351.9% in the second quarter. HighMark Wealth Management LLC now owns 366 shares of the coffee company’s stock worth $27,000 after acquiring an additional 285 shares in the last quarter. AlphaMark Advisors LLC raised its position in Starbucks by 175.6% in the second quarter. AlphaMark Advisors LLC now owns 372 shares of the coffee company’s stock worth $27,000 after acquiring an additional 237 shares in the last quarter. Centerpoint Advisors LLC raised its holdings in Starbucks by 4,644.4% during the 2nd quarter. Centerpoint Advisors LLC now owns 427 shares of the coffee company’s stock worth $31,000 after buying an additional 418 shares during the period. Shine Investment Advisory Services Inc. raised its holdings in Starbucks by 63.5% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the coffee company’s stock worth $33,000 after buying an additional 176 shares during the period. Finally, Atticus Wealth Management LLC acquired a new stake in Starbucks during the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.
In other news, CEO Kevin R. Johnson sold 107,762 shares of the company’s stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $90.08, for a total transaction of $9,707,200.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Myron E. Ullman III sold 4,252 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $84.77, for a total value of $360,442.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,764 shares of company stock valued at $13,404,656. Corporate insiders own 0.41% of the company’s stock.
SBUX has been the topic of several recent analyst reports. Telsey Advisory Group boosted their price objective on Starbucks from $80.00 to $90.00 and gave the stock a “market perform” rating in a report on Wednesday, September 30th. Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Monday, August 24th. Wedbush boosted their price objective on Starbucks from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. They noted that the move was a valuation call. Wells Fargo & Company boosted their price objective on Starbucks from $93.00 to $98.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Barclays boosted their price objective on Starbucks from $88.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $86.73.
SBUX opened at $88.52 on Friday. The business has a 50 day moving average price of $86.35 and a 200 day moving average price of $78.11. Starbucks Co. has a twelve month low of $50.02 and a twelve month high of $94.13. The firm has a market cap of $103.48 billion, a P/E ratio of 79.75, a price-to-earnings-growth ratio of 6.38 and a beta of 0.81.
Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.61) by $0.15. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The firm had revenue of $4.22 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period in the previous year, the company earned $0.78 EPS. The company’s revenue for the quarter was down 38.1% on a year-over-year basis. On average, research analysts expect that Starbucks Co. will post 0.97 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Thursday, November 12th will be issued a $0.45 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a yield of 2.03%. The ex-dividend date is Tuesday, November 10th. Starbucks’s payout ratio is 57.95%.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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