Harwood Advisory Group LLC lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,458 shares of the coffee company’s stock after selling 1,264 shares during the period. Harwood Advisory Group LLC’s holdings in Starbucks were worth $361,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings in shares of Starbucks by 401.0% in the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 10,476 shares of the coffee company’s stock worth $512,000 after purchasing an additional 8,385 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Starbucks by 17.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 300,792 shares of the coffee company’s stock worth $11,989,000 after purchasing an additional 44,556 shares during the period. BTC Capital Management Inc. raised its holdings in shares of Starbucks by 9.8% in the 2nd quarter. BTC Capital Management Inc. now owns 52,476 shares of the coffee company’s stock worth $2,563,000 after purchasing an additional 4,683 shares during the period. Davy Asset Management Ltd bought a new stake in shares of Starbucks in the 2nd quarter worth approximately $4,232,000. Finally, Argent Trust Co raised its holdings in shares of Starbucks by 9.1% in the 2nd quarter. Argent Trust Co now owns 19,989 shares of the coffee company’s stock worth $977,000 after purchasing an additional 1,673 shares during the period. Hedge funds and other institutional investors own 72.16% of the company’s stock.
A number of equities research analysts recently commented on SBUX shares. Wedbush lowered their price target on shares of Starbucks from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, July 27th. JPMorgan Chase & Co. lowered their price target on shares of Starbucks from $64.00 to $61.00 and set an “overweight” rating on the stock in a report on Thursday, June 21st. Barclays lowered their price target on shares of Starbucks to $60.00 in a report on Wednesday, June 20th. BidaskClub cut shares of Starbucks from a “hold” rating to a “sell” rating in a report on Wednesday, June 13th. Finally, Sanford C. Bernstein lowered their price target on shares of Starbucks from $64.00 to $58.00 and set a “market perform” rating on the stock in a report on Tuesday, June 26th. Fourteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $60.02.
Shares of SBUX stock opened at $54.53 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.76 and a debt-to-equity ratio of 1.54. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $61.94. The firm has a market cap of $74.16 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 1.63 and a beta of 0.64.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The business had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the firm posted $0.55 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. sell-side analysts expect that Starbucks Co. will post 2.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 24th. Shareholders of record on Thursday, August 9th were issued a dividend of $0.36 per share. This is a boost from Starbucks’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Wednesday, August 8th. This represents a $1.44 dividend on an annualized basis and a yield of 2.64%. Starbucks’s payout ratio is presently 69.90%.
In other news, Director Myron E. Ullman III sold 99,166 shares of the business’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $55.05, for a total transaction of $5,459,088.30. Following the completion of the transaction, the director now directly owns 29,000 shares in the company, valued at approximately $1,596,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Myron E. Ullman III sold 15,000 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $52.13, for a total transaction of $781,950.00. Following the transaction, the director now owns 29,000 shares of the company’s stock, valued at $1,511,770. The disclosure for this sale can be found here. Insiders have sold a total of 295,832 shares of company stock worth $15,834,037 in the last three months. Insiders own 3.40% of the company’s stock.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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