Cadence Capital Management LLC Trims Holdings in Starbucks Co. (SBUX)

Cadence Capital Management LLC cut its stake in Starbucks Co. (NASDAQ:SBUX) by 6.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,072 shares of the coffee company’s stock after selling 9,808 shares during the period. Cadence Capital Management LLC’s holdings in Starbucks were worth $7,507,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Starbucks by 0.6% during the 2nd quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock worth $4,135,368,000 after acquiring an additional 477,124 shares during the period. 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 worth $2,301,661,000 after acquiring an additional 928,175 shares during the period. 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 worth $1,582,355,000 after acquiring an additional 1,613,187 shares during the period. Polen Capital Management LLC lifted its holdings in shares of Starbucks by 0.5% during the 2nd quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock worth $600,190,000 after acquiring an additional 56,588 shares during the period. Finally, Parnassus Investments CA lifted its holdings in shares of 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. 71.77% of the stock is owned by hedge funds and other institutional investors.

SBUX opened at $68.72 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.20 and a debt-to-equity ratio of 7.73. The stock has a market capitalization of $89.05 billion, a price-to-earnings ratio of 28.40, a P/E/G ratio of 1.78 and a beta of 0.48. Starbucks Co. has a 1-year low of $47.37 and a 1-year high of $68.98.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. The firm had revenue of $6.30 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.55 EPS. As a group, equities research analysts forecast that Starbucks Co. will post 2.65 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Wednesday, November 14th. Starbucks’s payout ratio is presently 59.50%.

SBUX has been the subject of a number of analyst reports. Wells Fargo & Co raised their price objective on shares of Starbucks from $60.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, October 17th. Zacks Investment Research downgraded shares of Starbucks from a “hold” rating to a “sell” rating in a report on Friday, September 28th. KeyCorp reissued a “buy” rating on shares of Starbucks in a report on Thursday, October 4th. BidaskClub raised shares of Starbucks from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Finally, ValuEngine raised shares of Starbucks from a “sell” rating to a “hold” rating in a report on Friday, September 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $63.48.

In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $53.98, for a total value of $809,700.00. Following the completion of the sale, the director now owns 29,000 shares in the company, valued at approximately $1,565,420. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Javier G. Teruel sold 166,666 shares of the firm’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $52.70, for a total transaction of $8,783,298.20. The disclosure for this sale can be found here. Insiders sold a total of 280,832 shares of company stock valued at $15,052,087 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

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Starbucks Company Profile

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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