Wetherby Asset Management Inc. reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 6.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 29,627 shares of the coffee company’s stock after selling 2,198 shares during the period. Wetherby Asset Management Inc.’s holdings in Starbucks were worth $1,908,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of SBUX. Standard Life Aberdeen plc increased its holdings in Starbucks by 5.4% during the 3rd quarter. Standard Life Aberdeen plc now owns 653,570 shares of the coffee company’s stock worth $37,153,000 after purchasing an additional 33,573 shares during the period. CI Global Investments Inc. lifted its position in Starbucks by 1.3% during the 3rd quarter. CI Global Investments Inc. now owns 120,363 shares of the coffee company’s stock worth $6,841,000 after acquiring an additional 1,523 shares during the period. Middleton & Co Inc MA lifted its position in Starbucks by 1.3% during the 3rd quarter. Middleton & Co Inc MA now owns 142,998 shares of the coffee company’s stock worth $8,128,000 after acquiring an additional 1,768 shares during the period. Taylor Hoffman Wealth Management lifted its position in Starbucks by 83.8% during the 3rd quarter. Taylor Hoffman Wealth Management now owns 3,437 shares of the coffee company’s stock worth $195,000 after acquiring an additional 1,567 shares during the period. Finally, Godsey & Gibb Associates lifted its position in Starbucks by 5.9% during the 3rd quarter. Godsey & Gibb Associates now owns 258,055 shares of the coffee company’s stock worth $14,668,000 after acquiring an additional 14,439 shares during the period. 77.28% of the stock is owned by hedge funds and other institutional investors.
SBUX traded up $0.29 during trading hours on Monday, reaching $70.04. The company’s stock had a trading volume of 2,067,064 shares, compared to its average volume of 12,342,980. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $69.82. The stock has a market capitalization of $86.74 billion, a PE ratio of 28.94, a P/E/G ratio of 2.00 and a beta of 0.48. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.16 and a current ratio of 1.41.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, January 24th. The coffee company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.10. Starbucks had a return on equity of 193.00% and a net margin of 11.98%. The firm had revenue of $6.63 billion for the quarter, compared to analysts’ expectations of $6.49 billion. During the same period in the prior year, the firm posted $0.65 earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Co. will post 2.72 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 22nd. Investors of record on Thursday, February 7th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Wednesday, February 6th. Starbucks’s dividend payout ratio is presently 59.50%.
In other Starbucks news, EVP Vivek C. Varma sold 50,000 shares of the company’s stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $69.13, for a total transaction of $3,456,500.00. Following the transaction, the executive vice president now directly owns 117,640 shares in the company, valued at $8,132,453.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clifford Burrows sold 152,634 shares of the company’s stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $67.22, for a total value of $10,260,057.48. Following the transaction, the insider now owns 311,083 shares in the company, valued at $20,910,999.26. The disclosure for this sale can be found here. Insiders sold 444,972 shares of company stock worth $30,358,876 over the last quarter. 3.98% of the stock is currently owned by insiders.
Several equities analysts have recently issued reports on the company. Argus raised Starbucks from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Monday, November 12th. Citigroup lifted their price target on Starbucks from $65.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, November 12th. BidaskClub upgraded Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 13th. CIBC lifted their price target on Starbucks from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, January 25th. Finally, Bank of America set a $75.00 price target on Starbucks and gave the company a “buy” rating in a research note on Friday, January 25th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $67.01.
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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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