Comerica Bank trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 22.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 335,281 shares of the coffee company’s stock after selling 99,488 shares during the period. Comerica Bank’s holdings in Starbucks were worth $19,719,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Archford Capital Strategies LLC lifted its holdings in shares of Starbucks by 669.7% during the 2nd quarter. Archford Capital Strategies LLC now owns 2,186 shares of the coffee company’s stock valued at $107,000 after buying an additional 1,902 shares during the period. Polaris Greystone Financial Group LLC bought a new position in shares of Starbucks during the 3rd quarter valued at $107,000. Fort L.P. bought a new position in shares of Starbucks during the 2nd quarter valued at $112,000. Point72 Hong Kong Ltd bought a new position in shares of Starbucks during the 2nd quarter valued at $115,000. Finally, RPg Family Wealth Advisory LLC lifted its holdings in shares of Starbucks by 155.6% during the 2nd quarter. RPg Family Wealth Advisory LLC now owns 2,748 shares of the coffee company’s stock valued at $134,000 after buying an additional 1,673 shares during the period. Institutional investors and hedge funds own 71.77% of the company’s stock.
Several equities analysts have recently weighed in on SBUX shares. Wedbush lowered their price target on Starbucks from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, July 27th. BMO Capital Markets raised their target price on Starbucks from $51.00 to $58.00 and gave the stock a “market perform” rating in a report on Friday, November 2nd. BidaskClub cut Starbucks from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. UBS Group set a $72.00 target price on Starbucks and gave the stock a “buy” rating in a report on Friday, November 2nd. Finally, Barclays decreased their target price on Starbucks from $60.00 to $57.00 and set a “$51.15” rating on the stock in a report on Wednesday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $63.48.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.30 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $0.55 earnings per share. As a group, analysts predict that Starbucks Co. will post 2.64 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $1.44 dividend on an annualized basis and a yield of 2.18%. Starbucks’s dividend payout ratio is presently 59.50%.
In other news, Director Myron E. Ullman III sold 99,166 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total transaction of $5,459,088.30. Following the completion of the transaction, the director now owns 29,000 shares in the company, valued at $1,596,450. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Rosalind G. Brewer acquired 5,000 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were purchased at an average price of $54.04 per share, with a total value of $270,200.00. Following the transaction, the insider now owns 7,302 shares of the company’s stock, valued at $394,600.08. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 280,832 shares of company stock worth $15,052,087. Insiders own 3.48% 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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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