Iberiabank Corp cut its stake in Starbucks Co. (NASDAQ:SBUX) by 68.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,981 shares of the coffee company’s stock after selling 68,348 shares during the period. Iberiabank Corp’s holdings in Starbucks were worth $2,280,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hoylecohen LLC raised its position in Starbucks by 47.4% in the 2nd quarter. Hoylecohen LLC now owns 15,669 shares of the coffee company’s stock valued at $1,153,000 after purchasing an additional 5,040 shares in the last quarter. Mattern Wealth Management LLC purchased a new stake in shares of Starbucks during the second quarter worth approximately $783,000. Mendel Money Management purchased a new stake in shares of Starbucks during the second quarter worth approximately $305,000. Sciencast Management LP increased its stake in shares of Starbucks by 9.1% during the second quarter. Sciencast Management LP now owns 29,144 shares of the coffee company’s stock worth $2,108,000 after buying an additional 2,431 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Starbucks by 92.7% during the second quarter. Pacer Advisors Inc. now owns 191,096 shares of the coffee company’s stock worth $14,063,000 after buying an additional 91,916 shares during the period. 68.51% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:SBUX opened at $76.53 on Friday. Starbucks Co. has a 52 week low of $50.02 and a 52 week high of $98.14. The company has a 50-day moving average price of $74.75 and a 200 day moving average price of $77.29. The company has a market cap of $89.59 billion, a P/E ratio of 56.77, a PEG ratio of 5.87 and a beta of 0.79.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.15. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The business had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the prior year, the business posted $0.78 EPS. The company’s revenue for the quarter was down 38.1% on a year-over-year basis. As a group, analysts predict that Starbucks Co. will post 0.95 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Thursday, August 6th. Starbucks’s dividend payout ratio (DPR) is currently 57.95%.
A number of research firms recently weighed in on SBUX. UBS Group upped their target price on shares of Starbucks from $77.00 to $81.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley upped their price target on Starbucks from $76.00 to $79.00 and gave the company an “equal weight” rating in a report on Wednesday. Barclays upped their price target on Starbucks from $88.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday. BidaskClub raised Starbucks from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Jefferies Financial Group upped their price target on Starbucks from $90.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, June 11th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $84.04.
In other news, CAO Jill Walker sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $82.64, for a total transaction of $165,280.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Myron E. Ullman III sold 4,252 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $74.09, for a total value of $315,030.68. Following the completion of the sale, the director now owns 22,752 shares in the company, valued at approximately $1,685,695.68. The disclosure for this sale can be found here. In the last three months, insiders sold 10,504 shares of company stock valued at $810,521. 0.41% of the stock is owned by corporate 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.
See Also: Retained Earnings
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.