Canandaigua National Bank & Trust Co. reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,515 shares of the coffee company’s stock after selling 132 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Starbucks were worth $2,640,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of SBUX. Oregon Public Employees Retirement Fund increased its stake in Starbucks by 5,590.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,679,558 shares of the coffee company’s stock worth $368,000 after purchasing an additional 23,263,399 shares in the last quarter. Norges Bank purchased a new position in Starbucks in the 4th quarter worth about $807,368,000. Two Sigma Advisers LP purchased a new position in Starbucks in the 4th quarter worth about $352,796,000. Swedbank purchased a new position in Starbucks in the 4th quarter worth about $100,070,000. Finally, Bahl & Gaynor Inc. increased its stake in Starbucks by 55.2% in the 4th quarter. Bahl & Gaynor Inc. now owns 2,638,648 shares of the coffee company’s stock worth $169,929,000 after purchasing an additional 938,163 shares in the last quarter. 73.18% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on SBUX. Zacks Investment Research cut Starbucks from a “buy” rating to a “hold” rating in a research note on Monday. Citigroup lifted their target price on Starbucks from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Telsey Advisory Group reaffirmed a “market perform” rating and set a $80.00 target price (up previously from $70.00) on shares of Starbucks in a research note on Monday, May 6th. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 4th. Finally, Bank of America set a $85.00 target price on Starbucks and gave the company a “buy” rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Starbucks presently has an average rating of “Buy” and an average target price of $73.38.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, April 25th. The coffee company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The business had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.33 billion. Starbucks had a negative return on equity of 494.61% and a net margin of 11.87%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 EPS. Equities analysts expect that Starbucks Co. will post 2.78 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.36 per share. The ex-dividend date is Wednesday, May 8th. This represents a $1.44 annualized dividend and a dividend yield of 1.88%. Starbucks’s dividend payout ratio is 59.50%.
In other news, EVP Vivek C. Varma sold 70,364 shares of Starbucks stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $70.05, for a total transaction of $4,928,998.20. Following the completion of the sale, the executive vice president now directly owns 138,004 shares in the company, valued at approximately $9,667,180.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.98% of the stock is owned by insiders.
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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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