Sterling Capital Management LLC lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 4.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,235,883 shares of the coffee company’s stock after selling 55,712 shares during the quarter. Starbucks comprises 1.0% of Sterling Capital Management LLC’s portfolio, making the stock its 17th largest holding. Sterling Capital Management LLC’s holdings in Starbucks were worth $103,604,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in SBUX. Enterprise Trust & Investment Co bought a new stake in Starbucks during the second quarter worth approximately $25,000. Cowen Prime Services LLC bought a new stake in shares of Starbucks in the first quarter valued at approximately $26,000. Northern Oak Wealth Management Inc. boosted its position in shares of Starbucks by 95.7% in the second quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock valued at $31,000 after acquiring an additional 177 shares during the period. Redhawk Wealth Advisors Inc. bought a new stake in shares of Starbucks in the second quarter valued at approximately $32,000. Finally, Atlas Capital Advisors LLC boosted its position in shares of Starbucks by 53.3% in the second quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock valued at $35,000 after acquiring an additional 145 shares during the period. 70.74% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ SBUX traded down $1.06 during trading hours on Monday, reaching $89.42. The stock had a trading volume of 5,138,663 shares, compared to its average volume of 6,201,575. The business’s fifty day moving average is $95.75 and its two-hundred day moving average is $82.79. The company has a market cap of $110.20 billion, a price-to-earnings ratio of 36.95, a PEG ratio of 2.51 and a beta of 0.56. Starbucks Co. has a twelve month low of $54.10 and a twelve month high of $99.72.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.67 billion. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. Starbucks’s revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. Research analysts predict that Starbucks Co. will post 2.83 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Thursday, August 8th were paid a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.61%. Starbucks’s payout ratio is 59.50%.
In other Starbucks news, Director Myron E. Ullman III sold 9,973 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $84.64, for a total transaction of $844,114.72. Following the completion of the transaction, the director now directly owns 28,390 shares in the company, valued at $2,402,929.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vivek C. Varma sold 21,128 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $95.86, for a total value of $2,025,330.08. The disclosure for this sale can be found here. Insiders sold 142,767 shares of company stock valued at $13,690,565 over the last 90 days. 3.98% of the stock is currently owned by corporate insiders.
Several research firms have recently weighed in on SBUX. Cleveland Research reissued a “hold” rating on shares of Starbucks in a research report on Tuesday, September 10th. Morgan Stanley increased their price objective on Starbucks from $81.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Wedbush increased their price objective on Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. BMO Capital Markets increased their price objective on Starbucks to $84.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. They noted that the move was a valuation call. Finally, UBS Group increased their price objective on Starbucks from $78.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Starbucks currently has a consensus rating of “Hold” and a consensus target price of $89.53.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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