First Interstate Bank trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 50.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,406 shares of the coffee company’s stock after selling 51,496 shares during the quarter. First Interstate Bank’s holdings in Starbucks were worth $4,226,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Oak Wealth Management Inc. boosted its holdings in Starbucks by 95.7% during the second quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 177 shares in the last quarter. Paragon Capital Management LLC acquired a new stake in Starbucks during the first quarter valued at approximately $29,000. Atlas Capital Advisors LLC boosted its holdings in Starbucks by 53.3% during the second quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock valued at $35,000 after purchasing an additional 145 shares in the last quarter. C J Advisory Inc acquired a new stake in Starbucks during the first quarter valued at approximately $34,000. Finally, Capital Advisors Ltd. LLC boosted its holdings in Starbucks by 111.0% during the second quarter. Capital Advisors Ltd. LLC now owns 633 shares of the coffee company’s stock valued at $53,000 after purchasing an additional 333 shares in the last quarter. 72.32% of the stock is currently owned by institutional investors.
In other news, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $76.12, for a total value of $759,144.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jill Walker sold 6,492 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $95.70, for a total transaction of $621,284.40. The disclosure for this sale can be found here. Insiders sold a total of 69,801 shares of company stock valued at $6,301,684 in the last three months. 3.98% of the stock is owned by company insiders.
SBUX has been the topic of a number of recent research reports. KeyCorp lifted their price objective on Starbucks from $84.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Morgan Stanley lifted their target price on shares of Starbucks from $81.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Wells Fargo & Co cut shares of Starbucks from an “outperform” rating to a “market perform” rating and cut their target price for the company from $83.00 to $80.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Jefferies Financial Group lifted their target price on shares of Starbucks from $96.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Robert W. Baird cut shares of Starbucks from an “outperform” rating to a “neutral” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $89.53.
Shares of Starbucks stock traded up $0.02 on Monday, hitting $96.54. 125,404 shares of the company’s stock traded hands, compared to its average volume of 8,343,590. The firm’s 50-day moving average price is $91.86 and its two-hundred day moving average price is $79.46. The stock has a market capitalization of $115.53 billion, a PE ratio of 39.86, a price-to-earnings-growth ratio of 2.63 and a beta of 0.55. Starbucks Co. has a one year low of $52.42 and a one year high of $99.72.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the previous year, the business earned $0.62 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. Research analysts expect that Starbucks Co. will post 2.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Wednesday, August 7th. Starbucks’s dividend payout ratio (DPR) is 59.50%.
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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