Icon Wealth Partners LLC lifted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 79.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,172 shares of the coffee company’s stock after buying an additional 1,850 shares during the period. Icon Wealth Partners LLC’s holdings in Starbucks were worth $204,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in Starbucks by 0.6% during the second quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock valued at $4,135,368,000 after acquiring an additional 477,124 shares during the last quarter. Polen Capital Management LLC boosted its position in Starbucks by 0.5% during the second quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock valued at $600,190,000 after acquiring an additional 56,588 shares during the last quarter. Parnassus Investments CA boosted its position in Starbucks by 26.8% during the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock valued at $588,767,000 after acquiring an additional 2,543,697 shares during the last quarter. American Century Companies Inc. boosted its position in Starbucks by 0.7% during the second quarter. American Century Companies Inc. now owns 5,450,178 shares of the coffee company’s stock valued at $266,241,000 after acquiring an additional 38,223 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Starbucks by 6.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,280,149 shares of the coffee company’s stock valued at $257,935,000 after acquiring an additional 308,487 shares during the last quarter. 72.16% of the stock is currently owned by institutional investors.
SBUX opened at $53.79 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.76 and a debt-to-equity ratio of 1.54. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $61.94. The stock has a market capitalization of $72.11 billion, a P/E ratio of 26.11, a price-to-earnings-growth ratio of 1.59 and a beta of 0.64.
Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $6.25 billion. During the same quarter in the prior year, the business posted $0.55 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. equities analysts forecast that Starbucks Co. will post 2.4 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Thursday, August 9th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Wednesday, August 8th. This is a positive change from Starbucks’s previous quarterly dividend of $0.30. Starbucks’s dividend payout ratio is currently 69.90%.
SBUX has been the topic of a number of research analyst reports. Wedbush cut their price target on shares of Starbucks from $54.00 to $53.00 and set a “neutral” rating on the stock in a research report on Friday, July 27th. JPMorgan Chase & Co. cut their price target on shares of Starbucks from $64.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, June 21st. Barclays cut their price target on shares of Starbucks to $60.00 in a research report on Wednesday, June 20th. BidaskClub cut shares of Starbucks from a “hold” rating to a “sell” rating in a research report on Wednesday, June 13th. Finally, Sanford C. Bernstein cut their price target on shares of Starbucks from $64.00 to $58.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 26th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $60.21.
In related news, Director Javier G. Teruel sold 166,666 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $52.70, for a total value of $8,783,298.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Myron E. Ullman III sold 15,000 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $52.13, for a total transaction of $781,950.00. Following the completion of the sale, the director now owns 29,000 shares in the company, valued at approximately $1,511,770. The disclosure for this sale can be found here. Insiders sold a total of 196,666 shares of company stock worth $10,374,948 in the last 90 days. 3.40% of the stock is currently owned by company insiders.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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