Institute for Wealth Management LLC. Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Institute for Wealth Management LLC. decreased its position in Starbucks Co. (NASDAQ:SBUX) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,535 shares of the coffee company’s stock after selling 871 shares during the quarter. Starbucks makes up approximately 1.6% of Institute for Wealth Management LLC.’s portfolio, making the stock its 5th largest holding. Institute for Wealth Management LLC.’s holdings in Starbucks were worth $7,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Abbrea Capital LLC grew its stake in shares of Starbucks by 1.9% in the second quarter. Abbrea Capital LLC now owns 5,525 shares of the coffee company’s stock worth $463,000 after acquiring an additional 105 shares during the last quarter. Duncker Streett & Co. Inc. grew its stake in shares of Starbucks by 0.4% in the second quarter. Duncker Streett & Co. Inc. now owns 30,160 shares of the coffee company’s stock worth $2,528,000 after acquiring an additional 120 shares during the last quarter. D.B. Root & Company LLC grew its stake in shares of Starbucks by 0.8% in the second quarter. D.B. Root & Company LLC now owns 14,929 shares of the coffee company’s stock worth $1,251,000 after acquiring an additional 122 shares during the last quarter. Grove Bank & Trust grew its stake in shares of Starbucks by 3.0% in the second quarter. Grove Bank & Trust now owns 4,373 shares of the coffee company’s stock worth $367,000 after acquiring an additional 128 shares during the last quarter. Finally, Community Bank N.A. grew its stake in shares of Starbucks by 2.1% in the first quarter. Community Bank N.A. now owns 6,783 shares of the coffee company’s stock worth $504,000 after acquiring an additional 140 shares during the last quarter. 72.54% of the stock is currently owned by institutional investors.

Shares of NASDAQ:SBUX traded up $0.99 on Friday, hitting $96.52. The stock had a trading volume of 4,852,200 shares, compared to its average volume of 8,343,590. Starbucks Co. has a twelve month low of $52.42 and a twelve month high of $99.72. The firm’s 50 day moving average price is $91.86 and its 200-day moving average price is $79.46. The company has a market capitalization of $114.35 billion, a price-to-earnings ratio of 39.88, a price-to-earnings-growth ratio of 2.63 and a beta of 0.55.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.06. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. The company had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the company earned $0.62 EPS. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, sell-side analysts forecast that Starbucks Co. will post 2.83 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $1.44 annualized dividend and a dividend yield of 1.49%. Starbucks’s dividend payout ratio is presently 59.50%.

In related news, Director Myron E. Ullman III sold 9,973 shares of Starbucks stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $76.12, for a total value of $759,144.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lucy Lee Helm sold 10,000 shares of Starbucks stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the transaction, the executive vice president now directly owns 113,455 shares of the company’s stock, valued at $9,416,765. The disclosure for this sale can be found here. Insiders sold a total of 69,801 shares of company stock worth $6,301,684 in the last 90 days. 3.98% of the stock is owned by corporate insiders.

A number of equities research analysts have weighed in on the stock. Wedbush lifted their price target on shares of Starbucks from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Zacks Investment Research upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a research note on Tuesday, June 18th. OTR Global upgraded shares of Starbucks to a “positive” rating in a research note on Tuesday, July 16th. UBS Group lifted their price target on shares of Starbucks from $78.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. Finally, Wells Fargo & Co downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $83.00 to $80.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $89.53.

Starbucks 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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

Further Reading: Why do analysts give a neutral rating?

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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