Rikoon Group LLC reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 53.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 2,456 shares of the coffee company’s stock after selling 2,765 shares during the period. Rikoon Group LLC’s holdings in Starbucks were worth $217,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Nuveen Asset Management LLC increased its position in shares of Starbucks by 977.6% during the second quarter. Nuveen Asset Management LLC now owns 7,923,411 shares of the coffee company’s stock worth $664,219,000 after buying an additional 7,188,139 shares during the period. Invesco Ltd. lifted its position in shares of Starbucks by 18.4% during the second quarter. Invesco Ltd. now owns 17,382,380 shares of the coffee company’s stock valued at $1,457,167,000 after purchasing an additional 2,706,533 shares in the last quarter. APG Asset Management N.V. lifted its position in shares of Starbucks by 87.0% during the second quarter. APG Asset Management N.V. now owns 5,538,794 shares of the coffee company’s stock valued at $407,725,000 after purchasing an additional 2,576,900 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Starbucks by 166.3% during the second quarter. Prudential Financial Inc. now owns 3,901,446 shares of the coffee company’s stock valued at $327,058,000 after purchasing an additional 2,436,385 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Starbucks by 162.1% during the second quarter. Robeco Institutional Asset Management B.V. now owns 3,327,726 shares of the coffee company’s stock valued at $278,964,000 after purchasing an additional 2,058,082 shares in the last quarter. Hedge funds and other institutional investors own 70.68% of the company’s stock.
Shares of SBUX traded down $0.18 during trading hours on Friday, hitting $81.77. The company’s stock had a trading volume of 7,054,700 shares, compared to its average volume of 8,267,584. Starbucks Co. has a 52-week low of $60.42 and a 52-week high of $99.72. The business has a 50 day simple moving average of $85.72 and a two-hundred day simple moving average of $86.55. The company has a market cap of $98.02 billion, a price-to-earnings ratio of 28.89, a PEG ratio of 2.03 and a beta of 0.53.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.70 EPS for the quarter, hitting the consensus estimate of $0.70. Starbucks had a net margin of 13.58% and a negative return on equity of 75.45%. The company had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.68 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Starbucks Co. will post 3.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Wednesday, November 13th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.01%. This is an increase from Starbucks’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, November 12th. Starbucks’s payout ratio is presently 50.88%.
SBUX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lowered shares of Starbucks from an “overweight” rating to a “neutral” rating in a research report on Monday, July 29th. Bank of America dropped their price target on shares of Starbucks from $100.00 to $97.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Cleveland Research reissued a “hold” rating on shares of Starbucks in a research report on Tuesday, September 10th. Weeden reissued a “neutral” rating on shares of Starbucks in a research report on Friday, November 1st. Finally, Morgan Stanley raised their price objective on shares of Starbucks from $81.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $89.64.
In related news, Director Javier G. Teruel sold 59,838 shares of Starbucks stock in a transaction on Monday, August 19th. The shares were sold at an average price of $96.92, for a total value of $5,799,498.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $84.79, for a total transaction of $845,610.67. Following the transaction, the director now directly owns 28,407 shares in the company, valued at $2,408,629.53. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,885 shares of company stock worth $10,707,543. 3.98% of the stock is owned by insiders.
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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