Sound Income Strategies LLC Trims Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Sound Income Strategies LLC decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 1.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,380 shares of the coffee company’s stock after selling 140 shares during the quarter. Sound Income Strategies LLC’s holdings in Starbucks were worth $730,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Scarborough Advisors LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $26,000. Vima LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $26,000. DSM Capital Partners LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $27,000. Fairman Group LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $30,000. Finally, Cypress Capital Management LLC WY grew its position in shares of Starbucks by 133.1% during the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock worth $31,000 after purchasing an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

SBUX traded down $0.66 on Friday, reaching $75.09. 4,683,590 shares of the stock were exchanged, compared to its average volume of 14,243,939. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The company’s 50-day moving average price is $77.28 and its 200 day moving average price is $83.99. The firm has a market capitalization of $85.09 billion, a PE ratio of 20.69, a PEG ratio of 1.80 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the previous year, the business earned $1.00 EPS. Starbucks’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 3.04%. Starbucks’s dividend payout ratio is presently 62.81%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut their target price on Starbucks from $89.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. JPMorgan Chase & Co. dropped their price target on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. UBS Group dropped their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. BMO Capital Markets dropped their price target on Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Finally, Evercore ISI lowered Starbucks from an “outperform” rating to an “inline” rating and dropped their price target for the company from $92.00 to $80.00 in a research note on Tuesday, July 16th. Seventeen analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $90.88.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. In the last three months, insiders sold 7,250 shares of company stock worth $579,375. Corporate insiders own 1.98% of the company’s stock.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.