Avitas Wealth Management LLC lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 3.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,253 shares of the coffee company’s stock after selling 795 shares during the period. Avitas Wealth Management LLC’s holdings in Starbucks were worth $1,711,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Starbucks by 4.5% in the first quarter. BlackRock Inc. now owns 84,291,281 shares of the coffee company’s stock worth $5,541,310,000 after acquiring an additional 3,614,642 shares during the last quarter. Morgan Stanley grew its stake in Starbucks by 15.1% in the first quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock valued at $1,112,717,000 after purchasing an additional 2,219,969 shares in the last quarter. Wells Fargo & Company MN grew its stake in Starbucks by 2.2% in the first quarter. Wells Fargo & Company MN now owns 11,403,058 shares of the coffee company’s stock valued at $749,637,000 after purchasing an additional 245,223 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Starbucks by 10.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,612,867 shares of the coffee company’s stock worth $631,951,000 after purchasing an additional 916,469 shares during the last quarter. Finally, Polen Capital Management LLC raised its stake in shares of Starbucks by 5.9% during the 1st quarter. Polen Capital Management LLC now owns 8,031,200 shares of the coffee company’s stock worth $527,971,000 after purchasing an additional 449,002 shares in the last quarter. 68.51% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CAO Jill Walker sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $82.64, for a total transaction of $165,280.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Myron E. Ullman III sold 4,252 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $74.09, for a total value of $315,030.68. Following the completion of the sale, the director now directly owns 22,752 shares of the company’s stock, valued at $1,685,695.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,504 shares of company stock worth $810,521. 0.41% of the stock is owned by company insiders.
Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.61) by $0.15. Starbucks had a net margin of 5.56% and a negative return on equity of 22.26%. The business had revenue of $4.22 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same quarter in the prior year, the firm earned $0.78 EPS. The firm’s quarterly revenue was down 38.1% compared to the same quarter last year. On average, equities analysts predict that Starbucks Co. will post 0.96 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, August 6th. Starbucks’s dividend payout ratio is 57.95%.
SBUX has been the topic of a number of research reports. Atlantic Securities assumed coverage on Starbucks in a report on Monday, June 15th. They issued an “overweight” rating and a $95.00 price objective on the stock. Barclays raised their price target on shares of Starbucks from $88.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday. Stephens increased their target price on shares of Starbucks from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday. MKM Partners boosted their price target on Starbucks from $74.00 to $79.00 in a research report on Wednesday. Finally, Morgan Stanley increased their price objective on Starbucks from $76.00 to $79.00 and gave the company an “equal weight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and fourteen have issued a buy rating to the stock. Starbucks currently has a consensus rating of “Hold” and an average price target of $84.04.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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