Princeton Portfolio Strategies Group LLC reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 21.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 15,588 shares of the coffee company’s stock after selling 4,216 shares during the period. Princeton Portfolio Strategies Group LLC’s holdings in Starbucks were worth $761,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the business. Wilbanks Smith & Thomas Asset Management LLC grew its holdings in shares of Starbucks by 19.2% during the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 62,705 shares of the coffee company’s stock worth $3,063,000 after buying an additional 10,116 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Starbucks by 32.2% during the second quarter. Jones Financial Companies Lllp now owns 77,331 shares of the coffee company’s stock worth $3,778,000 after buying an additional 18,851 shares in the last quarter. CIBC World Markets Inc. grew its holdings in shares of Starbucks by 11.5% during the second quarter. CIBC World Markets Inc. now owns 518,228 shares of the coffee company’s stock worth $25,315,000 after buying an additional 53,542 shares in the last quarter. All Stars Investment Ltd purchased a new stake in shares of Starbucks during the second quarter worth about $3,992,000. Finally, Usca Ria LLC grew its holdings in shares of Starbucks by 281.6% during the second quarter. Usca Ria LLC now owns 26,730 shares of the coffee company’s stock worth $1,306,000 after buying an additional 19,725 shares in the last quarter. Hedge funds and other institutional investors own 73.51% of the company’s stock.
A number of equities research analysts have recently commented on SBUX shares. DZ Bank upgraded shares of Starbucks from a “sell” rating to a “hold” rating and lowered their price target for the stock from $52.00 to $48.00 in a report on Friday, July 6th. JPMorgan Chase & Co. lowered their price target on shares of Starbucks from $64.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday, June 21st. BidaskClub downgraded shares of Starbucks from a “buy” rating to a “hold” rating in a report on Saturday, May 5th. Piper Jaffray Companies reiterated an “overweight” rating on shares of Starbucks in a report on Friday, April 27th. Finally, Robert W. Baird lowered their price target on shares of Starbucks from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, June 5th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $59.75.
Starbucks stock opened at $53.56 on Monday. The company has a market capitalization of $69.49 billion, a P/E ratio of 26.00, a P/E/G ratio of 1.53 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 1.54. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $61.94.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The firm had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $6.25 billion. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. Starbucks’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 earnings per share. research analysts predict that Starbucks Co. will post 2.41 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Thursday, August 9th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.69%. This is a boost from Starbucks’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 8th. Starbucks’s payout ratio is 69.90%.
Starbucks declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 26th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the coffee company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of Starbucks stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $52.13, for a total transaction of $781,950.00. Following the transaction, the director now directly owns 29,000 shares of the company’s stock, valued at $1,511,770. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.48% of the company’s stock.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
Recommended Story: Stock Symbols, CUSIP and Other Stock Identifiers
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX).
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.