LA Financiere DE L Echiquier trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 9.1% in the third quarter, Holdings Channel.com reports. The firm owned 20,000 shares of the coffee company’s stock after selling 2,000 shares during the quarter. LA Financiere DE L Echiquier’s holdings in Starbucks were worth $1,768,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Little House Capital LLC acquired a new position in Starbucks in the 3rd quarter valued at approximately $322,000. Cookson Peirce & Co. Inc. increased its position in Starbucks by 1.7% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 63,428 shares of the coffee company’s stock valued at $5,608,000 after acquiring an additional 1,084 shares during the period. Prime Capital Investment Advisors LLC increased its position in Starbucks by 365.1% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 23,069 shares of the coffee company’s stock valued at $2,040,000 after acquiring an additional 18,109 shares during the period. Vestmark Advisory Solutions Inc. increased its position in Starbucks by 22.2% in the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 16,844 shares of the coffee company’s stock valued at $1,489,000 after acquiring an additional 3,057 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Starbucks by 654.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 18,409 shares of the coffee company’s stock valued at $1,628,000 after acquiring an additional 15,970 shares during the period. Institutional investors and hedge funds own 70.68% of the company’s stock.
In related news, Director Javier G. Teruel sold 59,838 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $96.92, for a total transaction of $5,799,498.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Myron E. Ullman III sold 9,973 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $84.79, for a total transaction of $845,610.67. Following the transaction, the director now directly owns 28,407 shares in the company, valued at $2,408,629.53. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,885 shares of company stock worth $10,707,543. 3.98% of the stock is owned by insiders.
Several brokerages have issued reports on SBUX. Goldman Sachs Group began coverage on shares of Starbucks in a research report on Monday, July 29th. They issued a “buy” rating and a $110.00 price target for the company. BTIG Research restated a “hold” rating on shares of Starbucks in a research report on Wednesday, September 4th. Stephens upped their price target on shares of Starbucks from $72.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Stifel Nicolaus upped their price target on shares of Starbucks from $86.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group increased their price objective on shares of Starbucks from $96.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $89.64.
NASDAQ SBUX traded up $0.66 on Monday, hitting $82.43. 5,827,953 shares of the company were exchanged, compared to its average volume of 8,256,546. The company has a market cap of $98.02 billion, a PE ratio of 29.13, a PEG ratio of 2.03 and a beta of 0.53. Starbucks Co. has a 12 month low of $60.42 and a 12 month high of $99.72. The stock has a fifty day moving average of $85.72 and a 200-day moving average of $86.55.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.70 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.70. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.68 billion. Starbucks had a net margin of 13.58% and a negative return on equity of 75.45%. Starbucks’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 earnings per share. As a group, research analysts anticipate that Starbucks Co. will post 3.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This is a positive change from Starbucks’s previous quarterly dividend of $0.36. This represents a $1.64 annualized dividend and a yield of 1.99%. Starbucks’s dividend payout ratio is currently 50.88%.
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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