Banque Pictet & Cie SA Lowers Position in Starbucks Co. (NASDAQ:SBUX)

Banque Pictet & Cie SA lessened its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 20.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 225,274 shares of the coffee company’s stock after selling 58,630 shares during the period. Banque Pictet & Cie SA’s holdings in Starbucks were worth $17,472,000 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. Tennessee Valley Asset Management Partners purchased a new stake in Starbucks in the 4th quarter worth $38,000. Federated Hermes Inc. raised its stake in Starbucks by 22.7% during the 4th quarter. Federated Hermes Inc. now owns 67,595 shares of the coffee company’s stock valued at $6,490,000 after purchasing an additional 12,495 shares during the period. GUNN & Co INVESTMENT MANAGEMENT INC. lifted its holdings in Starbucks by 1,299.8% in the 4th quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 466,506 shares of the coffee company’s stock worth $44,789,000 after purchasing an additional 433,179 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in Starbucks by 9.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 2,400 shares of the coffee company’s stock worth $230,000 after purchasing an additional 199 shares during the period. Finally, Illinois Municipal Retirement Fund boosted its stake in Starbucks by 130.2% in the 4th quarter. Illinois Municipal Retirement Fund now owns 80,137 shares of the coffee company’s stock worth $7,694,000 after purchasing an additional 45,319 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

SBUX has been the topic of several research analyst reports. Wells Fargo & Company lowered their target price on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. William Blair downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Wedbush restated a “neutral” rating and set a $80.00 price objective on shares of Starbucks in a research report on Tuesday, August 13th. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $120.00 in a research report on Wednesday, August 14th. Finally, 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. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $99.21.

Starbucks Trading Up 1.7 %

Shares of NASDAQ SBUX traded up $1.59 during midday trading on Friday, hitting $94.02. The company’s stock had a trading volume of 11,483,711 shares, compared to its average volume of 12,025,455. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66. The firm has a market cap of $106.50 billion, a P/E ratio of 25.90, a price-to-earnings-growth ratio of 2.28 and a beta of 0.94. The business’s 50 day moving average is $79.51 and its two-hundred day moving average is $83.90.

Starbucks (NASDAQ:SBUX) last released its 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 negative return on equity of 49.38% and a net margin of 11.16%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period last year, the company earned $1.00 earnings per share. On average, analysts predict that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders 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 dividend on an annualized basis and a yield of 2.43%. Starbucks’s dividend payout ratio is currently 62.81%.

Insiders Place Their Bets

In related news, 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 completion of the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’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 sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The disclosure for this sale can be found here. Insiders have sold 9,790 shares of company stock worth $865,514 in the last three months. Corporate insiders own 1.98% of the company’s stock.

Starbucks 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.