Howard Capital Management Cuts Holdings in Starbucks Co. (NASDAQ:SBUX)

Howard Capital Management trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 6.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,650 shares of the coffee company’s stock after selling 250 shares during the period. Howard Capital Management’s holdings in Starbucks were worth $306,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SBUX. Lake Point Wealth Management purchased a new position in Starbucks in the 4th quarter valued at approximately $25,000. Cowen Prime Services LLC purchased a new position in Starbucks in the 1st quarter valued at approximately $26,000. Paragon Capital Management LLC purchased a new position in Starbucks in the 1st quarter valued at approximately $29,000. C J Advisory Inc purchased a new position in Starbucks in the 1st quarter valued at approximately $34,000. Finally, Somerset Trust Co increased its stake in Starbucks by 159.2% in the 1st quarter. Somerset Trust Co now owns 819 shares of the coffee company’s stock valued at $61,000 after purchasing an additional 503 shares in the last quarter. 71.84% of the stock is owned by institutional investors and hedge funds.

In related news, CAO Jill Walker sold 6,492 shares of Starbucks stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $95.70, for a total value of $621,284.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Culver sold 63,937 shares of Starbucks stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $78.04, for a total value of $4,989,643.48. The disclosure for this sale can be found here. Insiders have sold 133,738 shares of company stock worth $11,291,327 in the last 90 days. Insiders own 3.98% of the company’s stock.

Several research firms recently weighed in on SBUX. BMO Capital Markets raised their price objective on Starbucks to $84.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Zacks Investment Research raised Starbucks from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Tuesday, June 18th. Wedbush raised their price objective on Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Stephens raised their price target on Starbucks from $72.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Finally, KeyCorp raised their price target on Starbucks from $84.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $89.53.

SBUX stock opened at $95.51 on Friday. Starbucks Co. has a 52-week low of $51.19 and a 52-week high of $99.72. The business’s fifty day simple moving average is $88.57. The firm has a market capitalization of $113.34 billion, a PE ratio of 34.43, a price-to-earnings-growth ratio of 2.61 and a beta of 0.55.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.06. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The business had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter last year, the firm earned $0.62 earnings per share. The business’s revenue was up 8.1% on a year-over-year basis. Equities research analysts anticipate that Starbucks Co. will post 2.82 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend is Wednesday, August 7th. Starbucks’s dividend payout ratio (DPR) is 59.50%.

Starbucks 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 beverages, iced tea, 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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