Procyon Private Wealth Partners LLC Buys 668 Shares of Starbucks Co. (NASDAQ:SBUX)

Procyon Private Wealth Partners LLC increased its holdings in Starbucks Co. (NASDAQ:SBUX) by 7.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,400 shares of the coffee company’s stock after purchasing an additional 668 shares during the quarter. Procyon Private Wealth Partners LLC’s holdings in Starbucks were worth $1,037,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Starbucks by 0.9% in the second quarter. Vanguard Group Inc. now owns 97,136,962 shares of the coffee company’s stock worth $10,860,884,000 after purchasing an additional 828,102 shares during the last quarter. State Street Corp grew its stake in shares of Starbucks by 1.0% in the second quarter. State Street Corp now owns 46,965,699 shares of the coffee company’s stock worth $5,251,235,000 after purchasing an additional 462,453 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Starbucks by 2.0% in the second quarter. Geode Capital Management LLC now owns 19,545,995 shares of the coffee company’s stock worth $2,179,292,000 after purchasing an additional 387,898 shares during the last quarter. Polen Capital Management LLC grew its stake in shares of Starbucks by 5.4% in the second quarter. Polen Capital Management LLC now owns 14,802,150 shares of the coffee company’s stock worth $1,655,028,000 after purchasing an additional 753,946 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Starbucks by 15.7% in the second quarter. Price T Rowe Associates Inc. MD now owns 13,407,536 shares of the coffee company’s stock worth $1,499,096,000 after purchasing an additional 1,822,190 shares during the last quarter. 68.27% of the stock is currently owned by institutional investors.

In related news, EVP Gina Woods sold 4,030 shares of the firm’s stock in a transaction that occurred on Tuesday, November 23rd. The shares were sold at an average price of $113.41, for a total value of $457,042.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Aaron Conway sold 47,088 shares of the firm’s stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $111.50, for a total transaction of $5,250,312.00. The disclosure for this sale can be found here. 0.36% of the stock is owned by corporate insiders.

NASDAQ:SBUX opened at $113.97 on Thursday. The firm has a market cap of $134.38 billion, a price-to-earnings ratio of 32.10, a price-to-earnings-growth ratio of 1.60 and a beta of 0.84. Starbucks Co. has a 52 week low of $95.92 and a 52 week high of $126.32. The firm has a 50-day moving average price of $112.55 and a two-hundred day moving average price of $114.44.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, October 28th. The coffee company reported $1.00 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.00. Starbucks had a net margin of 14.45% and a negative return on equity of 55.34%. The firm had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the business posted $0.51 EPS. The company’s revenue for the quarter was up 30.6% on a year-over-year basis. Analysts expect that Starbucks Co. will post 3.47 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 25th. Stockholders of record on Friday, February 11th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, February 10th. Starbucks’s dividend payout ratio is currently 55.21%.

Several analysts recently weighed in on SBUX shares. Morgan Stanley reduced their price objective on shares of Starbucks from $124.00 to $117.00 and set an “equal weight” rating on the stock in a research note on Friday, October 29th. Atlantic Securities cut shares of Starbucks from an “overweight” rating to a “neutral” rating and set a $105.00 price target on the stock. in a research report on Thursday, September 30th. Jefferies Financial Group cut their price target on shares of Starbucks from $145.00 to $142.00 and set a “buy” rating on the stock in a research report on Friday, October 29th. Stephens raised shares of Starbucks from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $118.00 to $130.00 in a research report on Monday, November 1st. Finally, Cowen cut their price target on shares of Starbucks from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, October 29th. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Starbucks currently has a consensus rating of “Buy” and a consensus price target of $123.00.

About Starbucks

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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