Northwest Investment Counselors LLC cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 2.2% during the 2nd quarter, Holdings Channel reports. The firm owned 30,950 shares of the coffee company’s stock after selling 685 shares during the period. Northwest Investment Counselors LLC’s holdings in Starbucks were worth $2,595,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Lake Point Wealth Management acquired a new stake in Starbucks during the fourth quarter worth approximately $25,000. Cowen Prime Services LLC acquired a new stake in Starbucks during the first quarter worth approximately $26,000. Paragon Capital Management LLC acquired a new stake in Starbucks during the first quarter worth approximately $29,000. C J Advisory Inc acquired a new stake in Starbucks during the first quarter worth approximately $34,000. Finally, Somerset Trust Co boosted its position in Starbucks by 159.2% during the first quarter. Somerset Trust Co now owns 819 shares of the coffee company’s stock worth $61,000 after acquiring an additional 503 shares during the last quarter. Institutional investors and hedge funds own 71.86% of the company’s stock.
In other news, CAO Jill Walker sold 6,492 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $95.70, for a total value of $621,284.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Myron E. Ullman III sold 9,973 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $76.12, for a total transaction of $759,144.76. The disclosure for this sale can be found here. In the last three months, insiders sold 133,738 shares of company stock worth $11,291,327. Insiders own 3.98% of the company’s stock.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. The company had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.67 billion. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. Starbucks’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the business earned $0.62 EPS. On average, equities research analysts expect that Starbucks Co. will post 2.82 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Wednesday, August 7th. Starbucks’s dividend payout ratio is presently 59.50%.
A number of analysts recently issued reports on SBUX shares. Morgan Stanley raised their target price on shares of Starbucks from $81.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Stephens raised their target price on shares of Starbucks from $72.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Robert W. Baird lowered shares of Starbucks from an “outperform” rating to a “neutral” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. lowered shares of Starbucks from an “overweight” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, BidaskClub upgraded shares of Starbucks from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $89.53.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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