Ballast Inc. cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 21.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,109 shares of the coffee company’s stock after selling 1,913 shares during the period. Ballast Inc.’s holdings in Starbucks were worth $610,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in SBUX. Endurance Wealth Management Inc. increased its stake in shares of Starbucks by 1,352.7% in the 2nd quarter. Endurance Wealth Management Inc. now owns 32,817 shares of the coffee company’s stock valued at $2,415,000 after acquiring an additional 30,558 shares during the last quarter. Signature Wealth Management Group increased its stake in shares of Starbucks by 8.8% in the 2nd quarter. Signature Wealth Management Group now owns 9,688 shares of the coffee company’s stock valued at $713,000 after acquiring an additional 787 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Starbucks by 7.7% in the 1st quarter. Clearbridge Investments LLC now owns 154,666 shares of the coffee company’s stock valued at $10,168,000 after acquiring an additional 11,024 shares during the last quarter. D. B. Root & Company LLC increased its stake in shares of Starbucks by 3.0% in the 2nd quarter. D. B. Root & Company LLC now owns 11,700 shares of the coffee company’s stock valued at $861,000 after acquiring an additional 343 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in shares of Starbucks by 2.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 207,745 shares of the coffee company’s stock valued at $15,287,000 after acquiring an additional 4,300 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.
In other news, CEO Kevin R. Johnson sold 107,762 shares of the stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $90.08, for a total value of $9,707,200.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clara Shih sold 37,498 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $79.13, for a total value of $2,967,216.74. The disclosure for this sale can be found here. In the last three months, insiders sold 153,764 shares of company stock valued at $13,404,656. 0.41% of the stock is currently owned by insiders.
A number of analysts have recently commented on the company. Wedbush upped their price target on Starbucks from $75.00 to $81.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. They noted that the move was a valuation call. Bank of America upped their price target on Starbucks from $82.00 to $88.00 and gave the company a “neutral” rating in a research note on Monday, September 28th. Wells Fargo & Company upped their price target on Starbucks from $93.00 to $98.00 and gave the company an “overweight” rating in a research note on Friday. Telsey Advisory Group increased their target price on Starbucks from $80.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 30th. Finally, JPMorgan Chase & Co. increased their target price on Starbucks from $76.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, September 21st. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Starbucks presently has a consensus rating of “Hold” and an average price target of $86.73.
Shares of SBUX opened at $88.52 on Friday. The stock has a market capitalization of $103.48 billion, a P/E ratio of 79.75, a P/E/G ratio of 6.38 and a beta of 0.81. Starbucks Co. has a twelve month low of $50.02 and a twelve month high of $94.13. The company has a 50 day moving average of $86.35 and a 200-day moving average of $78.11.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 28th. The coffee company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.61) by $0.15. The company had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.14 billion. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The firm’s revenue for the quarter was down 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.78 EPS. Equities research analysts forecast that Starbucks Co. will post 0.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Thursday, November 12th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Tuesday, November 10th. This is an increase from Starbucks’s previous quarterly dividend of $0.41. Starbucks’s dividend payout ratio is presently 57.95%.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
Read More: What is the Difference Between Common Shares and Convertible Shares?
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX).
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.