Manchester Financial Inc. Decreases Position in Starbucks Co. (NASDAQ:SBUX)

Manchester Financial Inc. cut its position in Starbucks Co. (NASDAQ:SBUX) by 1.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 25,303 shares of the coffee company’s stock after selling 503 shares during the period. Starbucks makes up about 1.7% of Manchester Financial Inc.’s investment portfolio, making the stock its 18th largest holding. Manchester Financial Inc.’s holdings in Starbucks were worth $2,174,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of SBUX. Public Employees Retirement Association of Colorado raised its holdings in Starbucks by 3.9% in the first quarter. Public Employees Retirement Association of Colorado now owns 223,354 shares of the coffee company’s stock worth $14,683,000 after buying an additional 8,364 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of Starbucks by 13.5% in the first quarter. Silvercrest Asset Management Group LLC now owns 54,905 shares of the coffee company’s stock worth $3,609,000 after acquiring an additional 6,515 shares during the period. APG Asset Management N.V. grew its stake in shares of Starbucks by 1.1% in the first quarter. APG Asset Management N.V. now owns 4,546,743 shares of the coffee company’s stock worth $298,903,000 after acquiring an additional 48,857 shares during the period. Sunbelt Securities Inc. grew its stake in shares of Starbucks by 23.8% in the first quarter. Sunbelt Securities Inc. now owns 24,389 shares of the coffee company’s stock worth $1,824,000 after acquiring an additional 4,690 shares during the period. Finally, Morgan Stanley grew its stake in shares of Starbucks by 15.1% in the first quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock worth $1,112,717,000 after acquiring an additional 2,219,969 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.

In other news, Director Myron E. Ullman III sold 4,252 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $84.77, for a total value of $360,442.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin R. Johnson sold 107,762 shares of the stock in a transaction on Friday, October 9th. The shares were sold at an average price of $90.08, for a total transaction of $9,707,200.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 153,764 shares of company stock worth $13,404,656. 0.41% of the stock is owned by insiders.

SBUX has been the subject of a number of research analyst reports. MKM Partners lifted their price target on shares of Starbucks from $74.00 to $79.00 in a research note on Wednesday, July 29th. Cowen upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $77.00 to $99.00 in a research note on Wednesday, September 30th. Wells Fargo & Company lifted their price target on shares of Starbucks from $93.00 to $98.00 and gave the stock an “overweight” rating in a research note on Friday. Barclays boosted their target price on shares of Starbucks from $88.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Starbucks from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, September 21st. Sixteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $86.73.

Starbucks stock opened at $88.52 on Friday. The company has a market cap of $103.48 billion, a price-to-earnings ratio of 79.75, a PEG ratio of 6.38 and a beta of 0.81. The firm’s fifty day moving average is $86.35 and its 200 day moving average is $78.11. Starbucks Co. has a 52-week low of $50.02 and a 52-week high of $94.13.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.15. The company had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $4.14 billion. Starbucks had a net margin of 5.56% and a negative return on equity of 22.26%. Starbucks’s revenue was down 38.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 earnings per share. As a group, sell-side analysts anticipate that Starbucks Co. will post 0.97 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Thursday, November 12th will be paid a dividend of $0.45 per share. This is an increase from Starbucks’s previous quarterly dividend of $0.41. The ex-dividend date is Tuesday, November 10th. This represents a $1.80 dividend on an annualized basis and a yield of 2.03%. Starbucks’s dividend payout ratio is presently 57.95%.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; 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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