Traynor Capital Management Inc. reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 25.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,478 shares of the coffee company’s stock after selling 3,304 shares during the quarter. Traynor Capital Management Inc.’s holdings in Starbucks were worth $516,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in SBUX. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Starbucks by 12.5% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 92,401 shares of the coffee company’s stock worth $5,388,000 after buying an additional 10,250 shares in the last quarter. Geneva Advisors LLC lifted its holdings in Starbucks by 2.3% during the 2nd quarter. Geneva Advisors LLC now owns 2,750,639 shares of the coffee company’s stock worth $160,390,000 after buying an additional 63,041 shares in the last quarter. Private Vista LLC lifted its holdings in Starbucks by 3,334.9% during the 2nd quarter. Private Vista LLC now owns 219,699 shares of the coffee company’s stock worth $160,000 after buying an additional 213,303 shares in the last quarter. Welch Group LLC acquired a new position in Starbucks during the 2nd quarter worth $406,000. Finally, TrimTabs Asset Management LLC lifted its holdings in Starbucks by 104.9% during the 2nd quarter. TrimTabs Asset Management LLC now owns 4,296 shares of the coffee company’s stock worth $250,000 after buying an additional 2,199 shares in the last quarter. 70.67% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Paul Mutty sold 3,000 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total transaction of $170,850.00. Following the completion of the transaction, the senior vice president now directly owns 10,438 shares in the company, valued at approximately $594,444.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joshua Cooper Ramo sold 60,000 shares of the stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $59.43, for a total transaction of $3,565,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 497,808 shares of company stock valued at $28,559,521. Company insiders own 3.40% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.55. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the prior year, the company earned $0.56 EPS. The company’s revenue was down .2% on a year-over-year basis. equities analysts forecast that Starbucks Co. will post 2.31 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 16th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.10%. This is an increase from Starbucks’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, November 15th. Starbucks’s dividend payout ratio is currently 60.91%.
Several research firms have issued reports on SBUX. Zacks Investment Research downgraded Starbucks from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Vetr downgraded Starbucks from a “strong-buy” rating to a “buy” rating and set a $62.86 price objective on the stock. in a report on Monday, November 27th. UBS Group set a $64.00 target price on shares of Starbucks and gave the company a “buy” rating in a research report on Wednesday, November 15th. Morgan Stanley upped their target price on shares of Starbucks from $62.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, November 10th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of Starbucks in a research report on Monday, November 6th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $63.26.
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Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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