Range Financial Group LLC Reduces Stake in Starbucks Co. (NASDAQ:SBUX)

Range Financial Group LLC lessened its position in shares of Starbucks Co. (NASDAQ:SBUX) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,962 shares of the coffee company’s stock after selling 374 shares during the quarter. Range Financial Group LLC’s holdings in Starbucks were worth $931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SBUX. Vanguard Group Inc. grew its position in shares of Starbucks by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after acquiring an additional 470,498 shares during the period. Norges Bank bought a new stake in Starbucks during the fourth quarter valued at about $1,240,652,000. Fisher Asset Management LLC increased its position in Starbucks by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock worth $1,090,654,000 after buying an additional 260,489 shares in the last quarter. Flossbach Von Storch AG raised its stake in shares of Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after buying an additional 2,897,282 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Starbucks by 3.1% during the 4th quarter. Franklin Resources Inc. now owns 5,511,378 shares of the coffee company’s stock valued at $529,147,000 after buying an additional 166,010 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Performance

SBUX opened at $91.84 on Thursday. The company has a market cap of $104.07 billion, a P/E ratio of 25.44, a PEG ratio of 2.26 and a beta of 0.96. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The business’s 50-day simple moving average is $81.90 and its 200-day simple 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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the previous year, the company posted $1.00 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, analysts predict that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, August 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,790 shares of company stock worth $865,514. Company insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of recent analyst reports. Wedbush restated a “neutral” rating and set a $80.00 target price on shares of Starbucks in a research note on Tuesday, August 13th. The Goldman Sachs Group started coverage on shares of Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 price objective for the company. Jefferies Financial Group reduced their price target on Starbucks from $84.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. BMO Capital Markets decreased their price objective on Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $99.42.

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.