Envestnet Asset Management Inc. Purchases 112,632 Shares of Starbucks Co. (NASDAQ:SBUX)

Envestnet Asset Management Inc. grew its position in Starbucks Co. (NASDAQ:SBUX) by 6.6% during the second quarter, HoldingsChannel.com reports. The firm owned 1,814,637 shares of the coffee company’s stock after buying an additional 112,632 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Starbucks were worth $152,121,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Abbrea Capital LLC raised its holdings in Starbucks by 1.9% during the second quarter. Abbrea Capital LLC now owns 5,525 shares of the coffee company’s stock worth $463,000 after acquiring an additional 105 shares in the last quarter. Duncker Streett & Co. Inc. raised its holdings in Starbucks by 0.4% during the second quarter. Duncker Streett & Co. Inc. now owns 30,160 shares of the coffee company’s stock worth $2,528,000 after acquiring an additional 120 shares in the last quarter. D.B. Root & Company LLC raised its holdings in Starbucks by 0.8% during the second quarter. D.B. Root & Company LLC now owns 14,929 shares of the coffee company’s stock worth $1,251,000 after acquiring an additional 122 shares in the last quarter. Grove Bank & Trust raised its holdings in Starbucks by 3.0% during the second quarter. Grove Bank & Trust now owns 4,373 shares of the coffee company’s stock worth $367,000 after acquiring an additional 128 shares in the last quarter. Finally, Community Bank N.A. raised its holdings in Starbucks by 2.1% during the first quarter. Community Bank N.A. now owns 6,783 shares of the coffee company’s stock worth $504,000 after acquiring an additional 140 shares in the last quarter. Institutional investors own 72.54% of the company’s stock.

Several research firms recently issued reports on SBUX. KeyCorp upped their target price on Starbucks from $84.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Wells Fargo & Co lowered Starbucks from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $83.00 to $80.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Evercore ISI started coverage on Starbucks in a research note on Tuesday, June 11th. They issued an “in-line” rating and a $82.00 price objective on the stock. OTR Global upgraded Starbucks to a “positive” rating in a research note on Tuesday, July 16th. Finally, Cowen set a $93.00 price objective on Starbucks and gave the company a “hold” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $89.53.

In related news, Director Myron E. Ullman III sold 9,973 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $76.12, for a total transaction of $759,144.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kevin R. Johnson sold 23,390 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $98.32, for a total value of $2,299,704.80. The disclosure for this sale can be found here. Insiders sold 69,801 shares of company stock worth $6,301,684 in the last ninety days. 3.98% of the stock is owned by company insiders.

Shares of Starbucks stock traded up $0.41 on Thursday, hitting $95.33. The stock had a trading volume of 462,464 shares, compared to its average volume of 7,953,828. Starbucks Co. has a twelve month low of $52.30 and a twelve month high of $99.72. The company has a 50 day moving average price of $91.38. The firm has a market capitalization of $113.61 billion, a PE ratio of 39.26, a price-to-earnings-growth ratio of 2.62 and a beta of 0.55.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, beating 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 company had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts forecast that Starbucks Co. will post 2.82 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Wednesday, August 7th. Starbucks’s payout ratio is 59.50%.

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 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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