Sequoia Financial Advisors LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,024 shares of the coffee company’s stock after selling 872 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Starbucks were worth $2,236,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price Wealth LLC grew its stake in shares of Starbucks by 237.4% during the third quarter. Price Wealth LLC now owns 361 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 254 shares during the last quarter. HighMark Wealth Management LLC boosted its stake in Starbucks by 351.9% in the second quarter. HighMark Wealth Management LLC now owns 366 shares of the coffee company’s stock valued at $27,000 after acquiring an additional 285 shares during the last quarter. AlphaMark Advisors LLC boosted its stake in Starbucks by 175.6% in the second quarter. AlphaMark Advisors LLC now owns 372 shares of the coffee company’s stock valued at $27,000 after acquiring an additional 237 shares during the last quarter. Rocky Mountain Advisers LLC bought a new position in Starbucks in the third quarter valued at approximately $34,000. Finally, Centerpoint Advisors LLC boosted its stake in Starbucks by 4,644.4% in the second quarter. Centerpoint Advisors LLC now owns 427 shares of the coffee company’s stock valued at $31,000 after acquiring an additional 418 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Starbucks from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, October 20th. Oppenheimer raised their price objective on shares of Starbucks from $85.00 to $101.00 and gave the company an “outperform” rating in a research note on Monday, October 5th. BidaskClub cut shares of Starbucks from a “buy” rating to a “hold” rating in a research note on Thursday, October 15th. UBS Group raised their price objective on shares of Starbucks from $77.00 to $81.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Finally, Citigroup lifted their price target on shares of Starbucks from $87.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Sixteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Starbucks currently has a consensus rating of “Hold” and an average price target of $87.54.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $4.22 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same period in the previous year, the business earned $0.78 EPS. The company’s revenue was down 38.1% compared to the same quarter last year. As a group, equities research analysts forecast that Starbucks Co. will post 0.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a $0.45 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a yield of 2.01%. The ex-dividend date is Tuesday, November 10th. Starbucks’s payout ratio is presently 57.95%.
In related news, Director Myron E. Ullman III sold 4,252 shares of Starbucks stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $84.77, for a total transaction of $360,442.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clara Shih sold 37,498 shares of Starbucks stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $79.13, for a total transaction of $2,967,216.74. The disclosure for this sale can be found here. Insiders sold a total of 153,764 shares of company stock worth $13,404,656 over the last quarter. Company insiders own 0.41% of the company’s stock.
Starbucks Company Profile
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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