Sanders Morris Harris LLC Decreases Holdings in Starbucks Co. (SBUX)

Sanders Morris Harris LLC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 94.3% in the third quarter, HoldingsChannel.com reports. The fund owned 1,244 shares of the coffee company’s stock after selling 20,506 shares during the quarter. Sanders Morris Harris LLC’s holdings in Starbucks were worth $124,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SBUX. Parnassus Investments CA boosted its position in Starbucks by 26.8% during the 2nd quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after acquiring an additional 2,543,697 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Starbucks during the 2nd quarter valued at about $105,420,000. Magellan Asset Management Ltd lifted its holdings in shares of Starbucks by 5.2% during the 2nd quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock valued at $1,582,355,000 after buying an additional 1,613,187 shares during the last quarter. Fiera Capital Corp lifted its holdings in shares of Starbucks by 3,492.3% during the 2nd quarter. Fiera Capital Corp now owns 1,274,578 shares of the coffee company’s stock valued at $62,262,000 after buying an additional 1,239,097 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Starbucks by 2.0% during the 2nd quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock valued at $2,301,661,000 after buying an additional 928,175 shares during the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.

SBUX traded up $1.94 on Tuesday, hitting $58.48. The company had a trading volume of 525,960 shares, compared to its average volume of 10,397,584. Starbucks Co. has a 1-year low of $47.37 and a 1-year high of $61.94. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.76 and a current ratio of 1.01. The firm has a market cap of $76.68 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 1.69 and a beta of 0.60.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The firm had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.25 billion. During the same period in the previous year, the company earned $0.55 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, analysts anticipate that Starbucks Co. will post 2.4 earnings per share for the current fiscal year.

Several equities research analysts have recently issued reports on SBUX shares. BidaskClub lowered Starbucks from a “hold” rating to a “sell” rating in a report on Wednesday, June 13th. Royal Bank of Canada reduced their price target on Starbucks to $63.00 and set an “outperform” rating for the company in a report on Wednesday, June 20th. They noted that the move was a valuation call. Telsey Advisory Group lowered Starbucks from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $70.00 to $60.00 in a report on Wednesday, June 20th. BTIG Research lowered Starbucks from a “buy” rating to a “neutral” rating and set a $64.00 price target for the company. in a report on Wednesday, June 20th. Finally, Mizuho reduced their price target on Starbucks from $60.00 to $56.00 and set a “neutral” rating for the company in a report on Wednesday, June 20th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and sixteen have assigned a buy rating to the company. Starbucks presently has an average rating of “Buy” and an average price target of $60.21.

In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of Starbucks stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $52.13, for a total value of $781,950.00. Following the transaction, the director now directly owns 29,000 shares of the company’s stock, valued at approximately $1,511,770. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Myron E. Ullman III sold 99,166 shares of Starbucks stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total value of $5,459,088.30. Following the completion of the transaction, the director now directly owns 29,000 shares in the company, valued at $1,596,450. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 295,832 shares of company stock valued at $15,834,037. Corporate insiders own 3.48% of the company’s stock.

About Starbucks

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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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