Taylor Hoffman Wealth Management Reduces Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Taylor Hoffman Wealth Management reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 15.4% during the 3rd quarter, Holdings Channel reports. The fund owned 3,672 shares of the coffee company’s stock after selling 670 shares during the period. Taylor Hoffman Wealth Management’s holdings in Starbucks were worth $325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the company. Abbrea Capital LLC lifted its holdings in Starbucks by 1.9% during the second quarter. Abbrea Capital LLC now owns 5,525 shares of the coffee company’s stock valued at $463,000 after purchasing an additional 105 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in Starbucks by 0.3% during the second quarter. Gamco Investors INC. ET AL now owns 38,395 shares of the coffee company’s stock valued at $3,219,000 after purchasing an additional 115 shares in the last quarter. Duncker Streett & Co. Inc. lifted its holdings in Starbucks by 0.4% during the second quarter. Duncker Streett & Co. Inc. now owns 30,160 shares of the coffee company’s stock valued at $2,528,000 after purchasing an additional 120 shares in the last quarter. LS Investment Advisors LLC lifted its holdings in Starbucks by 0.4% during the third quarter. LS Investment Advisors LLC now owns 28,438 shares of the coffee company’s stock valued at $2,514,000 after purchasing an additional 121 shares in the last quarter. Finally, D.B. Root & Company LLC lifted its holdings in Starbucks by 0.8% during the second quarter. D.B. Root & Company LLC now owns 14,929 shares of the coffee company’s stock valued at $1,251,000 after purchasing an additional 122 shares in the last quarter. 70.68% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Javier G. Teruel sold 59,838 shares of Starbucks stock in a transaction that occurred 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 Securities & Exchange Commission, which is accessible through this link. Also, Director Myron E. Ullman III sold 9,973 shares of Starbucks stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $84.79, for a total transaction of $845,610.67. Following the completion of the transaction, the director now owns 28,407 shares of the company’s stock, valued at approximately $2,408,629.53. The disclosure for this sale can be found here. Insiders sold 112,885 shares of company stock valued at $10,707,543 in the last quarter. 3.98% of the stock is owned by insiders.

Starbucks stock traded down $0.18 during midday trading on Friday, hitting $81.77. 7,054,700 shares of the stock were exchanged, compared to its average volume of 8,267,584. The stock’s 50-day simple moving average is $85.72 and its 200 day simple moving average is $86.55. Starbucks Co. has a fifty-two week low of $60.42 and a fifty-two week high of $99.72. The stock has a market capitalization 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 quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.70 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $6.68 billion. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. As a group, equities analysts anticipate that Starbucks Co. will post 3.05 EPS for the current fiscal year.

The company also recently declared 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. The ex-dividend date is Tuesday, November 12th. This represents a $1.64 dividend on an annualized basis and a yield of 2.01%. This is an increase from Starbucks’s previous quarterly dividend of $0.36. Starbucks’s payout ratio is currently 50.88%.

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Starbucks from an “overweight” rating to a “neutral” rating in a report on Monday, July 29th. Morgan Stanley increased their price objective on shares of Starbucks from $81.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. UBS Group increased their price objective on shares of Starbucks from $78.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, July 29th. Cowen set a $93.00 target price on shares of Starbucks and gave the company a “hold” rating in a research report on Monday, September 23rd. Finally, Cleveland Research reiterated a “hold” rating on shares of Starbucks in a research report on Tuesday, September 10th. 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 presently has a consensus rating of “Hold” and an average price target of $89.64.

About Starbucks

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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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