Axa Reduces Holdings in Starbucks Co. (SBUX)

Axa cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 18.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,628,972 shares of the coffee company’s stock after selling 368,983 shares during the quarter. Axa owned about 0.12% of Starbucks worth $92,590,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SBUX. BlackRock Inc. increased its stake in Starbucks by 0.6% in the 2nd quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock worth $4,135,368,000 after purchasing an additional 477,124 shares in the last quarter. Morgan Stanley increased its stake in Starbucks by 2.0% in the 2nd quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock worth $2,301,661,000 after purchasing an additional 928,175 shares in the last quarter. Magellan Asset Management Ltd increased its stake in Starbucks by 5.2% in 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 purchasing an additional 1,613,187 shares in the last quarter. Polen Capital Management LLC increased its stake in Starbucks by 0.5% in the 2nd quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock worth $600,190,000 after purchasing an additional 56,588 shares in the last quarter. Finally, Parnassus Investments CA increased its stake in Starbucks by 26.8% in the 2nd quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after purchasing an additional 2,543,697 shares in the last quarter. Hedge funds and other institutional investors own 71.14% of the company’s stock.

A number of brokerages recently weighed in on SBUX. Zacks Investment Research reissued a “buy” rating and issued a $66.00 price target on shares of Starbucks in a research note on Thursday, November 15th. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 13th. Citigroup lifted their price target on Starbucks from $65.00 to $81.00 and gave the stock a “buy” rating in a research note on Monday, November 12th. Argus raised Starbucks from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Monday, November 12th. Finally, UBS Group cut Starbucks from a “hold” rating to a “sell” rating in a research note on Monday, November 5th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Starbucks has a consensus rating of “Buy” and an average price target of $64.69.

In related news, Director Myron E. Ullman III sold 99,166 shares of the business’s 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 sale, the director now owns 29,000 shares of the company’s stock, valued at approximately $1,596,450. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.40% of the company’s stock.

NASDAQ:SBUX opened at $66.77 on Friday. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.95 and a current ratio of 2.20. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $68.98. The stock has a market cap of $83.34 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 1.88 and a beta of 0.48.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be paid a $0.36 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $1.44 annualized dividend and a dividend yield of 2.16%. Starbucks’s payout ratio is 59.50%.

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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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