US Bancorp DE trimmed its stake in Starbucks Co. (NASDAQ:SBUX) by 4.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 968,878 shares of the coffee company’s stock after selling 40,915 shares during the quarter. US Bancorp DE owned about 0.08% of Starbucks worth $81,222,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. FMR LLC grew its holdings in Starbucks by 19.8% in the first quarter. FMR LLC now owns 10,424,208 shares of the coffee company’s stock worth $774,936,000 after purchasing an additional 1,720,231 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Starbucks by 8.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,810,825 shares of the coffee company’s stock valued at $487,122,000 after buying an additional 462,682 shares during the last quarter. APG Asset Management N.V. grew its holdings in shares of Starbucks by 87.0% during the second quarter. APG Asset Management N.V. now owns 5,538,794 shares of the coffee company’s stock valued at $407,725,000 after buying an additional 2,576,900 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of Starbucks by 166.3% during the second quarter. Prudential Financial Inc. now owns 3,901,446 shares of the coffee company’s stock valued at $327,058,000 after buying an additional 2,436,385 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of Starbucks by 3.9% during the second quarter. Parametric Portfolio Associates LLC now owns 3,621,973 shares of the coffee company’s stock valued at $303,630,000 after buying an additional 137,401 shares during the last quarter. Institutional investors and hedge funds own 71.20% of the company’s stock.
SBUX has been the subject of a number of analyst reports. Evercore ISI initiated coverage on shares of Starbucks in a report on Tuesday, June 11th. They set an “in-line” rating and a $82.00 price objective for the company. Stifel Nicolaus lifted their price objective on shares of Starbucks from $86.00 to $90.00 and gave the company a “hold” rating in a report on Friday, July 26th. Stephens lifted their price objective on shares of Starbucks from $72.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Zacks Investment Research upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a report on Tuesday, June 18th. Finally, BTIG Research reiterated a “hold” rating on shares of Starbucks in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $89.53.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.72 by $0.06. The business 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%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 earnings per share. As a group, sell-side analysts expect that Starbucks Co. will post 2.83 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Thursday, August 8th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Wednesday, August 7th. Starbucks’s dividend payout ratio is 59.50%.
In other Starbucks news, Director Myron E. Ullman III sold 9,973 shares of Starbucks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $84.64, for a total value of $844,114.72. Following the sale, the director now owns 28,390 shares of the company’s stock, valued at $2,402,929.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jill Walker sold 2,000 shares of Starbucks stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $95.80, for a total transaction of $191,600.00. Following the completion of the sale, the chief accounting officer now directly owns 39,999 shares in the company, valued at approximately $3,831,904.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,767 shares of company stock worth $13,690,565. Insiders own 3.98% of the company’s stock.
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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