Nwam LLC reduced its holdings in Starbucks Corporation (NASDAQ:SBUX – Free Report) by 10.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 51,099 shares of the coffee company’s stock after selling 5,945 shares during the period. Nwam LLC’s holdings in Starbucks were worth $5,222,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC bought a new position in shares of Starbucks in the 2nd quarter valued at about $5,561,000. Sigma Planning Corp increased its stake in Starbucks by 5.7% during the second quarter. Sigma Planning Corp now owns 22,154 shares of the coffee company’s stock worth $2,264,000 after acquiring an additional 1,186 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Starbucks during the second quarter valued at approximately $170,485,000. Flputnam Investment Management Co. bought a new stake in shares of Starbucks in the 2nd quarter valued at approximately $6,567,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Starbucks by 26.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,506,482 shares of the coffee company’s stock valued at $869,277,000 after purchasing an additional 1,767,530 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Stock Down 1.5%
SBUX stock opened at $106.25 on Tuesday. Starbucks Corporation has a twelve month low of $77.99 and a twelve month high of $110.51. The firm has a market cap of $121.12 billion, a price-to-earnings ratio of 61.06, a PEG ratio of 1.86 and a beta of 0.97. The business’s fifty day simple moving average is $105.22 and its two-hundred day simple moving average is $100.86.
Starbucks Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, August 14th. Starbucks’s payout ratio is 142.53%.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on SBUX. Stifel Nicolaus set a $117.00 target price on Starbucks and gave the company a “buy” rating in a research report on Wednesday, May 6th. Needham & Company LLC set a $120.00 price objective on shares of Starbucks in a research report on Tuesday, August 18th. Wedbush assumed coverage on shares of Starbucks in a report on Thursday, May 14th. They issued an “outperform” rating for the company. Royal Bank Of Canada reiterated a “sector perform” rating and set a $115.00 price target (up from $110.00) on shares of Starbucks in a report on Thursday, July 30th. Finally, Guggenheim started coverage on shares of Starbucks in a research report on Monday, August 3rd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $110.30.
Read Our Latest Research Report on Starbucks
Insider Transactions at Starbucks
In other Starbucks news, CEO Brady Brewer sold 2,229 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.99, for a total value of $236,251.71. Following the transaction, the chief executive officer directly owned 75,135 shares in the company, valued at $7,963,558.65. This represents a 2.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 6,687 shares of company stock valued at $681,663. 0.03% of the stock is owned by insiders.
About Starbucks
Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.
Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.
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