Hayek Kallen Investment Management cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 4.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,581 shares of the coffee company’s stock after selling 2,098 shares during the quarter. Starbucks accounts for 2.4% of Hayek Kallen Investment Management’s investment portfolio, making the stock its 16th largest position. Hayek Kallen Investment Management’s holdings in Starbucks were worth $3,765,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in SBUX. Invesco Ltd. grew its position in shares of Starbucks by 18.4% during the second quarter. Invesco Ltd. now owns 17,382,380 shares of the coffee company’s stock worth $1,457,167,000 after acquiring an additional 2,706,533 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Starbucks by 977.6% during the second quarter. Nuveen Asset Management LLC now owns 7,923,411 shares of the coffee company’s stock valued at $664,219,000 after purchasing an additional 7,188,139 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Starbucks by 8.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,810,825 shares of the coffee company’s stock worth $487,122,000 after acquiring an additional 462,682 shares in the last quarter. APG Asset Management N.V. grew its position in Starbucks by 87.0% in the second quarter. APG Asset Management N.V. now owns 5,538,794 shares of the coffee company’s stock worth $407,725,000 after acquiring an additional 2,576,900 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its position in Starbucks by 1.5% in the second quarter. UBS Asset Management Americas Inc. now owns 4,634,647 shares of the coffee company’s stock worth $388,522,000 after acquiring an additional 68,949 shares in the last quarter. Institutional investors own 70.68% of the company’s stock.
Several analysts have issued reports on SBUX shares. BidaskClub downgraded shares of Starbucks from a “hold” rating to a “sell” rating in a research note on Saturday, October 26th. Morgan Stanley raised their price objective on shares of Starbucks from $81.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Weeden reissued a “neutral” rating on shares of Starbucks in a research note on Friday, November 1st. Cowen set a $93.00 price objective on shares of Starbucks and gave the stock a “hold” rating in a research note on Monday, September 23rd. Finally, BTIG Research reissued a “hold” rating on shares of Starbucks in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $89.64.
Shares of SBUX traded down $0.18 during trading hours on Friday, reaching $81.77. 7,054,700 shares of the company traded hands, compared to its average volume of 8,267,584. The business has a fifty day moving average price of $85.72 and a 200-day moving average price of $86.55. Starbucks Co. has a 12-month low of $60.42 and a 12-month high of $99.72. The stock has a market capitalization of $98.02 billion, a P/E ratio of 28.89, a P/E/G ratio of 2.03 and a beta of 0.53.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.70 EPS for the quarter, hitting the consensus estimate of $0.70. The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.68 billion. Starbucks had a net margin of 13.58% and a negative return on equity of 75.45%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.62 EPS. On average, analysts anticipate that Starbucks Co. will post 3.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Wednesday, November 13th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.01%. This is a positive change from Starbucks’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, November 12th. Starbucks’s dividend payout ratio (DPR) is presently 50.88%.
In related news, CAO Jill Walker sold 2,000 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $95.80, for a total value of $191,600.00. Following the transaction, the chief accounting officer now directly owns 39,999 shares of the company’s stock, valued at approximately $3,831,904.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Javier G. Teruel sold 59,838 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $96.92, for a total transaction of $5,799,498.96. The disclosure for this sale can be found here. Insiders sold a total of 112,885 shares of company stock worth $10,707,543 over the last 90 days. Company insiders own 3.98% of the company’s stock.
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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