Manchester Financial Inc. lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 1.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 25,303 shares of the coffee company’s stock after selling 503 shares during the quarter. Starbucks accounts for about 1.7% of Manchester Financial Inc.’s portfolio, making the stock its 18th biggest holding. Manchester Financial Inc.’s holdings in Starbucks were worth $2,174,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Evolution Wealth Advisors LLC grew its stake in Starbucks by 10.9% in the 3rd quarter. Evolution Wealth Advisors LLC now owns 2,538 shares of the coffee company’s stock valued at $218,000 after acquiring an additional 250 shares during the period. Diversified Trust Co boosted its stake in Starbucks by 1.3% during the 3rd quarter. Diversified Trust Co now owns 33,715 shares of the coffee company’s stock worth $2,897,000 after purchasing an additional 426 shares during the last quarter. Coastline Trust Co boosted its stake in Starbucks by 6.5% during the 3rd quarter. Coastline Trust Co now owns 21,910 shares of the coffee company’s stock worth $1,882,000 after purchasing an additional 1,335 shares during the last quarter. Somerset Trust Co acquired a new stake in Starbucks during the 3rd quarter worth $228,000. Finally, Teamwork Financial Advisors LLC acquired a new stake in Starbucks during the 3rd quarter worth $211,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Myron E. Ullman III sold 4,252 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $84.77, for a total transaction of $360,442.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin R. Johnson sold 107,762 shares of the business’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $90.08, for a total value of $9,707,200.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 153,764 shares of company stock valued at $13,404,656. 0.41% of the stock is currently owned by corporate insiders.
Several equities research analysts have issued reports on SBUX shares. Wedbush lifted their target price on shares of Starbucks from $75.00 to $81.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. They noted that the move was a valuation call. Bank of America lifted their target price on shares of Starbucks from $82.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, September 28th. Citigroup lifted their target price on shares of Starbucks from $87.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. BidaskClub lowered Starbucks from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Barclays lifted their price target on Starbucks from $88.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $86.73.
NASDAQ SBUX opened at $88.52 on Friday. The company has a market cap of $103.48 billion, a P/E ratio of 79.75, a P/E/G ratio of 6.38 and a beta of 0.81. The stock has a 50-day moving average of $86.35 and a two-hundred day moving average of $78.11. Starbucks Co. has a 1-year low of $50.02 and a 1-year high of $94.13.
Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.15. The company had revenue of $4.22 billion during the quarter, compared to the consensus estimate of $4.14 billion. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. Starbucks’s revenue was down 38.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 EPS. On average, sell-side analysts anticipate that Starbucks Co. will post 0.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be given a $0.45 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Tuesday, November 10th. Starbucks’s payout ratio is currently 57.95%.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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