Alliancebernstein L.P. Lowers Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Alliancebernstein L.P. lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 1.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,737,949 shares of the coffee company’s stock after selling 21,619 shares during the quarter. Alliancebernstein L.P.’s holdings in Starbucks were worth $191,713,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Starbucks by 0.9% in the second quarter. Vanguard Group Inc. now owns 97,136,962 shares of the coffee company’s stock valued at $10,860,884,000 after purchasing an additional 828,102 shares during the last quarter. State Street Corp increased its holdings in shares of Starbucks by 1.0% in the second quarter. State Street Corp now owns 46,965,699 shares of the coffee company’s stock valued at $5,251,235,000 after purchasing an additional 462,453 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Starbucks by 2.0% in the second quarter. Geode Capital Management LLC now owns 19,545,995 shares of the coffee company’s stock valued at $2,179,292,000 after purchasing an additional 387,898 shares during the last quarter. Polen Capital Management LLC increased its holdings in shares of Starbucks by 5.4% in the second quarter. Polen Capital Management LLC now owns 14,802,150 shares of the coffee company’s stock valued at $1,655,028,000 after purchasing an additional 753,946 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Starbucks by 15.7% in the second quarter. Price T Rowe Associates Inc. MD now owns 13,407,536 shares of the coffee company’s stock valued at $1,499,096,000 after purchasing an additional 1,822,190 shares during the last quarter. 68.26% of the stock is owned by institutional investors and hedge funds.

NASDAQ:SBUX opened at $100.12 on Friday. The firm has a market cap of $117.46 billion, a PE ratio of 28.20, a price-to-earnings-growth ratio of 1.50 and a beta of 0.83. The stock has a fifty day moving average price of $111.95 and a 200 day moving average price of $114.36. Starbucks Co. has a 12-month low of $95.92 and a 12-month high of $126.32.

Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, October 28th. The coffee company reported $1.00 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.00. The firm had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.22 billion. Starbucks had a negative return on equity of 55.34% and a net margin of 14.45%. Starbucks’s revenue was up 30.6% compared to the same quarter last year. During the same period last year, the business posted $0.51 earnings per share. Equities analysts anticipate that Starbucks Co. will post 3.45 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 25th. Stockholders of record on Friday, February 11th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Thursday, February 10th. Starbucks’s dividend payout ratio (DPR) is currently 55.21%.

In other news, CEO Kevin R. Johnson sold 250,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 8th. The stock was sold at an average price of $116.09, for a total transaction of $29,022,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Angela Lis sold 6,000 shares of the business’s stock in a transaction on Friday, December 10th. The shares were sold at an average price of $116.88, for a total value of $701,280.00. The disclosure for this sale can be found here. Insiders have sold 307,118 shares of company stock worth $35,431,134 in the last quarter. Insiders own 0.36% of the company’s stock.

SBUX has been the subject of several recent research reports. Cowen cut their price target on Starbucks from $135.00 to $125.00 and set an “outperform” rating for the company in a report on Friday, October 29th. Wedbush cut their target price on Starbucks from $132.00 to $128.00 and set an “outperform” rating for the company in a research note on Friday, October 29th. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and set a $127.00 target price for the company in a research note on Monday, October 11th. Robert W. Baird cut Starbucks from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $126.00 to $116.00 in a research note on Friday, December 17th. Finally, Credit Suisse Group cut their target price on Starbucks from $137.00 to $132.00 and set an “outperform” rating for the company in a research note on Friday, October 29th. Twelve analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $123.57.

About Starbucks

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: North America; International; and Channel Development. The North America and International segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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