Zurich Insurance Group Ltd FI reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 32.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 322,988 shares of the coffee company’s stock after selling 156,928 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Starbucks were worth $27,076,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Abbrea Capital LLC lifted its holdings in Starbucks by 1.9% in the second quarter. Abbrea Capital LLC now owns 5,525 shares of the coffee company’s stock worth $463,000 after buying an additional 105 shares during the period. Gamco Investors INC. ET AL lifted its holdings in Starbucks by 0.3% in the second quarter. Gamco Investors INC. ET AL now owns 38,395 shares of the coffee company’s stock worth $3,219,000 after buying an additional 115 shares during the period. Duncker Streett & Co. Inc. lifted its holdings in Starbucks by 0.4% in the second quarter. Duncker Streett & Co. Inc. now owns 30,160 shares of the coffee company’s stock worth $2,528,000 after buying an additional 120 shares during the period. D.B. Root & Company LLC lifted its holdings in Starbucks by 0.8% in the second quarter. D.B. Root & Company LLC now owns 14,929 shares of the coffee company’s stock worth $1,251,000 after buying an additional 122 shares during the period. Finally, Grove Bank & Trust lifted its holdings in Starbucks by 3.0% in the second quarter. Grove Bank & Trust now owns 4,373 shares of the coffee company’s stock worth $367,000 after buying an additional 128 shares during the period. Institutional investors own 70.74% of the company’s stock.
Several brokerages have commented on SBUX. BidaskClub lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Morgan Stanley raised their price objective on shares of Starbucks from $81.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Barclays raised their price objective on shares of Starbucks from $75.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Wedbush raised their target price on shares of Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Evercore ISI began coverage on shares of Starbucks in a research note on Tuesday, June 11th. They set an “in-line” rating and a $82.00 target price for the company. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and fifteen have issued a buy rating to the stock. Starbucks presently has a consensus rating of “Hold” and a consensus price target of $89.53.
In other news, insider Kevin R. Johnson sold 23,390 shares of Starbucks stock in a transaction on Monday, July 29th. The shares were sold at an average price of $98.32, for a total transaction of $2,299,704.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vivek C. Varma sold 21,128 shares of Starbucks stock in a transaction on Friday, September 6th. The stock was sold at an average price of $95.86, for a total transaction of $2,025,330.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,767 shares of company stock valued at $13,690,565. 3.98% of the stock is currently owned by insiders.
NASDAQ:SBUX traded down $1.02 during trading hours on Friday, reaching $90.54. The company had a trading volume of 198,582 shares, compared to its average volume of 6,334,328. Starbucks Co. has a 52 week low of $54.71 and a 52 week high of $99.72. The firm has a market cap of $108.63 billion, a price-to-earnings ratio of 37.42, a PEG ratio of 2.47 and a beta of 0.56. The firm’s 50 day moving average price is $94.96 and its 200-day moving average price is $83.39.
Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the firm posted $0.62 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. On average, equities research analysts predict that Starbucks Co. will post 2.83 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Thursday, August 8th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Wednesday, August 7th. Starbucks’s dividend payout ratio (DPR) is presently 59.50%.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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