FineMark National Bank & Trust lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 22.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 143,596 shares of the coffee company’s stock after selling 41,583 shares during the quarter. FineMark National Bank & Trust’s holdings in Starbucks were worth $8,162,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Ballast Inc. increased its holdings in Starbucks by 56.1% in the 3rd quarter. Ballast Inc. now owns 7,858 shares of the coffee company’s stock worth $447,000 after acquiring an additional 2,823 shares in the last quarter. TCI Wealth Advisors Inc. increased its holdings in Starbucks by 15.3% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 9,332 shares of the coffee company’s stock worth $530,000 after acquiring an additional 1,238 shares in the last quarter. Canandaigua National Bank & Trust Co. increased its holdings in Starbucks by 45.7% in the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 55,471 shares of the coffee company’s stock worth $3,153,000 after acquiring an additional 17,400 shares in the last quarter. LVW Advisors LLC increased its holdings in Starbucks by 3.4% in the 3rd quarter. LVW Advisors LLC now owns 48,747 shares of the coffee company’s stock worth $2,771,000 after acquiring an additional 1,584 shares in the last quarter. Finally, First Long Island Investors LLC grew its holdings in shares of Starbucks by 8.1% during the third quarter. First Long Island Investors LLC now owns 499,264 shares of the coffee company’s stock worth $28,378,000 after buying an additional 37,255 shares in the last quarter. 71.77% of the stock is owned by institutional investors.
A number of equities research analysts have recently issued reports on the stock. UBS Group lowered shares of Starbucks from a “hold” rating to a “sell” rating in a report on Monday, November 5th. DZ Bank lowered shares of Starbucks to a “sell” rating in a report on Monday, November 5th. Mizuho raised shares of Starbucks from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $75.00 in a report on Monday, November 5th. Barclays upped their target price on shares of Starbucks from $56.00 to $60.00 and gave the stock an “equal weight” rating in a report on Friday, November 2nd. Finally, BMO Capital Markets upped their target price on shares of Starbucks from $51.00 to $58.00 and gave the stock a “market perform” rating in a research note on Friday, November 2nd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $63.48.
In other Starbucks news, Director Javier G. Teruel sold 166,666 shares of the stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $52.70, for a total value of $8,783,298.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Myron E. Ullman III sold 15,000 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $809,700.00. Following the completion of the transaction, the director now owns 29,000 shares in the company, valued at $1,565,420. The disclosure for this sale can be found here. Insiders sold 280,832 shares of company stock worth $15,052,087 over the last quarter. 3.40% of the stock is currently owned by insiders.
Shares of Starbucks stock opened at $68.60 on Friday. The company has a market capitalization of $89.05 billion, a price-to-earnings ratio of 28.35, a P/E/G ratio of 1.78 and a beta of 0.48. Starbucks Co. has a 52 week low of $47.37 and a 52 week high of $68.98. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.95 and a current ratio of 2.20.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The company had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 earnings per share. Analysts anticipate that Starbucks Co. will post 2.65 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $1.44 annualized dividend and a yield of 2.10%. Starbucks’s dividend payout ratio is currently 59.50%.
WARNING: “Starbucks Co. (SBUX) Position Reduced by FineMark National Bank & Trust” was published by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another website, it was illegally stolen and reposted in violation of US & international copyright law. The legal version of this article can be viewed at https://www.americanbankingnews.com/2018/11/10/starbucks-co-sbux-position-reduced-by-finemark-national-bank-trust.html.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX).
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.