Twin Capital Management Inc. Sells 51,200 Shares of Starbucks Co. (NASDAQ:SBUX)

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Twin Capital Management Inc. decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 32.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,630 shares of the coffee company’s stock after selling 51,200 shares during the period. Twin Capital Management Inc.’s holdings in Starbucks were worth $8,855,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Abbrea Capital LLC raised its position in shares of Starbucks by 1.9% in 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 during the period. Duncker Streett & Co. Inc. increased its holdings in Starbucks by 0.4% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 30,160 shares of the coffee company’s stock worth $2,528,000 after acquiring an additional 120 shares during the period. D.B. Root & Company LLC increased its holdings in Starbucks by 0.8% during the 2nd quarter. D.B. Root & Company LLC now owns 14,929 shares of the coffee company’s stock worth $1,251,000 after acquiring an additional 122 shares during the period. Grove Bank & Trust increased its holdings in Starbucks by 3.0% during the 2nd quarter. Grove Bank & Trust now owns 4,373 shares of the coffee company’s stock worth $367,000 after acquiring an additional 128 shares during the period. Finally, Community Bank N.A. increased its holdings in Starbucks by 2.1% during the 1st quarter. Community Bank N.A. now owns 6,783 shares of the coffee company’s stock worth $504,000 after acquiring an additional 140 shares during the period. 72.54% of the stock is currently owned by institutional investors and hedge funds.

In other Starbucks news, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $95.00, for a total value of $947,435.00. Following the completion of the transaction, the director now owns 28,390 shares of the company’s stock, valued at approximately $2,697,050. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kevin R. Johnson sold 23,390 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $98.32, for a total transaction of $2,299,704.80. The disclosure for this sale can be found here. In the last three months, insiders sold 69,801 shares of company stock valued at $6,301,684. Corporate insiders own 3.98% of the company’s stock.

A number of analysts recently weighed in on the stock. BidaskClub raised shares of Starbucks from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. JPMorgan Chase & Co. lowered shares of Starbucks from an “overweight” rating to a “neutral” rating in a report on Monday, July 29th. Morgan Stanley upped their target price 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. Robert W. Baird lowered shares of Starbucks from an “outperform” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Cowen set a $93.00 target price on shares of Starbucks and gave the stock a “hold” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $89.53.

SBUX stock traded up $0.46 during midday trading on Thursday, reaching $95.38. The company had a trading volume of 310,528 shares, compared to its average volume of 7,953,828. Starbucks Co. has a 1 year low of $52.30 and a 1 year high of $99.72. The company has a market cap of $113.61 billion, a P/E ratio of 39.42, a P/E/G ratio of 2.62 and a beta of 0.55. The company’s 50-day moving average is $91.38.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the company earned $0.62 EPS. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Starbucks Co. will post 2.82 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, August 8th will be paid a $0.36 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $1.44 dividend on an annualized basis and a yield of 1.51%. Starbucks’s dividend payout ratio is presently 59.50%.

Starbucks Company Profile

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.

Further Reading: What is meant by a buy rating?

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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