Starbucks Co. (NASDAQ:SBUX) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 97.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,444 shares of the coffee company’s stock after selling 1,008,840 shares during the period. Starbucks accounts for about 1.6% of Sawgrass Asset Management LLC’s holdings, making the stock its 24th biggest position. Sawgrass Asset Management LLC’s holdings in Starbucks were worth $35,243,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. Monetta Financial Services Inc. bought a new position in Starbucks in the 4th quarter worth $1,317,000. Moors & Cabot Inc. increased its stake in shares of Starbucks by 15.0% in the 4th quarter. Moors & Cabot Inc. now owns 49,974 shares of the coffee company’s stock worth $2,865,000 after acquiring an additional 6,516 shares in the last quarter. Financial Advocates Investment Management bought a new position in shares of Starbucks in the 4th quarter worth about $3,516,000. Renaissance Technologies LLC purchased a new stake in Starbucks during the 4th quarter valued at about $27,818,000. Finally, First Financial Bank Trust Division grew its position in Starbucks by 9.9% during the 2nd quarter. First Financial Bank Trust Division now owns 87,866 shares of the coffee company’s stock valued at $4,292,000 after purchasing an additional 7,949 shares during the last quarter. 71.88% of the stock is owned by institutional investors.

In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $52.13, for a total value of $781,950.00. Following the completion of the transaction, the director now directly owns 29,000 shares in the company, valued at $1,511,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.40% of the company’s stock.

SBUX has been the topic of a number of recent analyst reports. DZ Bank raised shares of Starbucks from a “sell” rating to a “hold” rating and dropped their price target for the company from $52.00 to $48.00 in a report on Friday, July 6th. Zacks Investment Research upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a research note on Friday, April 20th. JPMorgan Chase & Co. lowered their price objective on shares of Starbucks from $64.00 to $61.00 and set an “overweight” rating on the stock in a research note on Thursday, June 21st. BidaskClub cut shares of Starbucks from a “buy” rating to a “hold” rating in a research note on Saturday, May 5th. Finally, Piper Jaffray Companies restated an “overweight” rating on shares of Starbucks in a research note on Friday, April 27th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.75.

Shares of SBUX traded down $0.41 during trading hours on Friday, reaching $51.51. 10,510,191 shares of the company traded hands, compared to its average volume of 11,350,983. The company has a current ratio of 1.01, a quick ratio of 0.76 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $70.05 billion, a P/E ratio of 22.09, a P/E/G ratio of 1.54 and a beta of 0.63. Starbucks Co. has a 12-month low of $47.37 and a 12-month high of $61.94.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. The firm had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $6.25 billion. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. analysts predict that Starbucks Co. will post 2.41 earnings per share for the current year.

Starbucks announced that its Board of Directors has authorized a share buyback program on Thursday, April 26th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the coffee company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Thursday, August 9th will be issued a $0.36 dividend. The ex-dividend date is Wednesday, August 8th. This is an increase from Starbucks’s previous quarterly dividend of $0.30. This represents a $1.44 dividend on an annualized basis and a yield of 2.80%. Starbucks’s payout ratio is currently 69.90%.

About Starbucks

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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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