Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 2.0% in the 2nd quarter, Holdings Channel reports. The fund owned 906,172 shares of the coffee company’s stock after selling 18,782 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Starbucks were worth $68,425,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vima LLC purchased a new stake in Starbucks during the fourth quarter worth about $26,000. Scarborough Advisors LLC purchased a new stake in Starbucks during the fourth quarter worth about $26,000. DSM Capital Partners LLC purchased a new stake in Starbucks during the fourth quarter worth about $27,000. Fairman Group LLC purchased a new stake in Starbucks during the fourth quarter worth about $30,000. Finally, Cypress Capital Management LLC WY lifted its holdings in shares of Starbucks by 133.1% in the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 185 shares in the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on SBUX. JPMorgan Chase & Co. reduced their price target on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Jefferies Financial Group dropped their price objective on Starbucks from $84.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. William Blair cut Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. DZ Bank cut Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a research report on Friday, May 3rd. Finally, Wedbush reissued a “neutral” rating and issued a $80.00 price target on shares of Starbucks in a research note on Tuesday. Twelve research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.79.
Starbucks Stock Down 0.1 %
NASDAQ:SBUX traded down $0.07 during midday trading on Friday, hitting $94.81. The company had a trading volume of 16,316,622 shares, compared to its average volume of 12,062,401. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The stock’s fifty day moving average price is $77.96 and its 200-day moving average price is $83.99. The company has a market capitalization of $107.44 billion, a PE ratio of 25.96, a P/E/G ratio of 1.80 and a beta of 0.94.
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.00 earnings per share. As a group, research analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.
Starbucks Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is 62.81%.
Insider Activity
In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,540 shares of company stock valued at $879,291. Insiders own 1.98% of the company’s stock.
Starbucks Company Profile
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.
Featured Articles
- Five stocks we like better than Starbucks
- P/E Ratio Calculation: How to Assess Stocks
- JD.com Earnings Surprise: China’s Outlook Better Than Expected
- Unveiling The Power Of VWAP: A Key Indicator For Traders
- Warren Buffett’s Recent Stock Moves: Top Buys and Sells to Watch
- Profitably Trade Stocks at 52-Week Highs
- Sea Limited’s E-Commerce and Fintech Strength Fuel Stock Surge
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 – Free Report).
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.