Zevin Asset Management LLC cut its stake in Starbucks Co. (NASDAQ:SBUX) by 4.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 5,285 shares of the coffee company’s stock after selling 250 shares during the quarter. Zevin Asset Management LLC’s holdings in Starbucks were worth $467,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Neville Rodie & Shaw Inc. bought a new position in shares of Starbucks in the 2nd quarter valued at $218,000. Bath Savings Trust Co increased its stake in shares of Starbucks by 0.6% in the 2nd quarter. Bath Savings Trust Co now owns 138,722 shares of the coffee company’s stock valued at $11,629,000 after purchasing an additional 845 shares during the last quarter. Summit Financial Group Inc. increased its stake in shares of Starbucks by 10.2% in the 2nd 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. Winfield Associates Inc. increased its stake in shares of Starbucks by 6.1% in the 2nd 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. Finally, Swedbank increased its stake in shares of Starbucks by 4.8% in the 2nd quarter. Swedbank now owns 1,634,800 shares of the coffee company’s stock valued at $137,045,000 after purchasing an additional 75,163 shares during the last quarter. 70.68% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Vivek C. Varma sold 21,128 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $95.86, for a total transaction of $2,025,330.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Myron E. Ullman III sold 9,973 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $84.79, for a total value 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 ninety days, insiders have sold 112,885 shares of company stock worth $10,707,543. 3.98% of the stock is owned by company insiders.
SBUX stock traded down $0.18 during midday trading on Friday, reaching $81.77. 7,054,700 shares of the stock were exchanged, compared to its average volume of 8,267,584. The company has a fifty day moving average price of $85.72 and a 200 day moving average price of $86.55. Starbucks Co. has a 52 week low of $60.42 and a 52 week high of $99.72. The stock 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 posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.70 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.70. Starbucks had a negative return on equity of 75.45% and a net margin of 13.58%. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.68 billion. During the same period in the prior year, the business earned $0.62 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, sell-side analysts expect that Starbucks Co. will post 3.05 EPS for the current year.
The company also recently declared 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. This is an increase from Starbucks’s previous quarterly dividend of $0.36. This represents a $1.64 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Tuesday, November 12th. Starbucks’s dividend payout ratio is 50.88%.
SBUX has been the topic of several recent analyst reports. BTIG Research reiterated a “hold” rating on shares of Starbucks in a research note on Wednesday, September 4th. Robert W. Baird reiterated a “hold” rating on shares of Starbucks in a research note on Wednesday, September 4th. KeyCorp lifted their price target on Starbucks from $84.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. BMO Capital Markets lifted their price target on Starbucks to $84.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Finally, Oppenheimer lifted their price target on Starbucks from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $89.64.
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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