Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 0.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 446,835 shares of the coffee company’s stock after selling 3,277 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Starbucks were worth $37,458,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. Northern Oak Wealth Management Inc. grew its holdings in shares of Starbucks by 95.7% during the second quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock worth $31,000 after buying an additional 177 shares in the last quarter. Paragon Capital Management LLC bought a new position in shares of Starbucks during the first quarter worth about $29,000. Lake Point Wealth Management bought a new position in shares of Starbucks during the fourth quarter worth about $25,000. Atlas Capital Advisors LLC grew its holdings in shares of Starbucks by 53.3% during the second quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock worth $35,000 after buying an additional 145 shares in the last quarter. Finally, C J Advisory Inc acquired a new position in Starbucks during the first quarter valued at approximately $34,000. Institutional investors own 71.86% of the company’s stock.
In other Starbucks news, insider Kevin R. Johnson sold 23,390 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $98.32, for a total transaction of $2,299,704.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Culver sold 63,937 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $78.04, for a total value of $4,989,643.48. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 133,738 shares of company stock worth $11,291,327. Corporate insiders own 3.98% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.06. The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period last year, the firm posted $0.62 EPS. Equities analysts forecast that Starbucks Co. will post 2.82 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, August 8th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $1.44 dividend on an annualized basis and a yield of 1.49%. Starbucks’s dividend payout ratio (DPR) is presently 59.50%.
Several brokerages recently commented on SBUX. Goldman Sachs Group began coverage on Starbucks in a research report on Monday, July 29th. They set a “buy” rating and a $110.00 price target for the company. Piper Jaffray Companies increased their price target on Starbucks from $77.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, June 10th. They noted that the move was a valuation call. Evercore ISI began coverage on Starbucks in a research report on Tuesday, June 11th. They set an “in-line” rating and a $82.00 price target for the company. Morgan Stanley increased their price target on Starbucks from $81.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus increased their price target on Starbucks from $86.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $89.53.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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