Lone Pine Capital LLC Sells 1,045,934 Shares of Starbucks Corporation $SBUX

Lone Pine Capital LLC reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 15.8% during the second quarter, HoldingsChannel reports. The fund owned 5,561,954 shares of the coffee company’s stock after selling 1,045,934 shares during the quarter. Starbucks comprises 3.6% of Lone Pine Capital LLC’s holdings, making the stock its 14th biggest position. Lone Pine Capital LLC’s holdings in Starbucks were worth $509,642,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Holocene Advisors LP bought a new stake in shares of Starbucks in the second quarter valued at approximately $374,000. Great Valley Advisor Group Inc. grew its stake in Starbucks by 82.9% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 28,988 shares of the coffee company’s stock valued at $2,656,000 after buying an additional 13,139 shares in the last quarter. Engineers Gate Manager LP raised its holdings in Starbucks by 404.2% during the 2nd quarter. Engineers Gate Manager LP now owns 106,652 shares of the coffee company’s stock valued at $9,773,000 after acquiring an additional 85,499 shares during the period. Curi Capital LLC purchased a new stake in shares of Starbucks during the second quarter worth $1,105,000. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Starbucks by 21.9% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 48,081 shares of the coffee company’s stock worth $4,406,000 after acquiring an additional 8,623 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were purchased at an average cost of $85.00 per share, with a total value of $994,500.00. Following the completion of the purchase, the director owned 53,096 shares of the company’s stock, valued at $4,513,160. The trade was a 28.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. BMO Capital Markets reiterated an “outperform” rating on shares of Starbucks in a research report on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Starbucks in a research note on Monday. Barclays reduced their target price on Starbucks from $115.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. Dbs Bank downgraded shares of Starbucks from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Finally, UBS Group set a $94.00 price target on shares of Starbucks and gave the company a “neutral” rating in a report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Stock Performance

Starbucks stock opened at $85.35 on Friday. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The stock has a market cap of $97.05 billion, a P/E ratio of 52.04, a price-to-earnings-growth ratio of 1.73 and a beta of 0.98. The firm’s fifty day moving average price is $84.00 and its 200-day moving average price is $87.67.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. The firm had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. During the same quarter in the previous year, the business earned $0.80 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 annualized dividend and a yield of 2.9%. Starbucks’s dividend payout ratio is currently 151.22%.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.