Delta Investment Management LLC trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 15.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,313 shares of the coffee company’s stock after selling 4,423 shares during the quarter. Delta Investment Management LLC’s holdings in Starbucks were worth $2,061,000 as of its most recent SEC filing.
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Several other hedge funds have also recently modified their holdings of the company. Invesco Ltd. raised its holdings in shares of Starbucks by 18.4% in the 2nd quarter. Invesco Ltd. now owns 17,382,380 shares of the coffee company’s stock valued at $1,457,167,000 after purchasing an additional 2,706,533 shares during the period. Nuveen Asset Management LLC grew its stake in Starbucks by 977.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 7,923,411 shares of the coffee company’s stock valued at $664,219,000 after buying an additional 7,188,139 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Starbucks by 8.7% in the 2nd 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 stake in Starbucks by 87.0% in the 2nd 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. Finally, UBS Asset Management Americas Inc. grew its stake in Starbucks by 1.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 4,634,647 shares of the coffee company’s stock valued at $388,522,000 after buying an additional 68,949 shares during the last quarter. 70.68% of the stock is currently owned by institutional investors.
In other news, EVP Vivek C. Varma sold 21,128 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $95.86, for a total transaction of $2,025,330.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Javier G. Teruel sold 59,838 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $96.92, for a total value of $5,799,498.96. The disclosure for this sale can be found here. Insiders have sold a total of 112,885 shares of company stock worth $10,707,543 over the last quarter. Insiders own 3.98% of the company’s stock.
Shares of NASDAQ:SBUX opened at $81.77 on Friday. The firm has a market cap of $98.02 billion, a PE ratio of 28.89, a PEG ratio of 2.03 and a beta of 0.53. The company’s 50 day moving average price is $85.72 and its two-hundred day moving average price is $86.55. Starbucks Co. has a 12-month low of $60.42 and a 12-month high of $99.72.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.70 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.70. The business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.68 billion. Starbucks had a negative return on equity of 75.45% and a net margin of 13.58%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. Analysts forecast that Starbucks Co. will post 3.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from Starbucks’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, November 12th. Starbucks’s dividend payout ratio is presently 50.88%.
A number of research analysts recently commented on the stock. UBS Group upped their price target on shares of Starbucks from $78.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Wedbush reiterated a “neutral” rating on shares of Starbucks in a research note on Thursday, October 31st. Weeden reiterated a “neutral” rating on shares of Starbucks in a research note on Friday, November 1st. Telsey Advisory Group reiterated a “market perform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Starbucks in a research note on Friday, July 26th. Finally, BTIG Research reiterated a “hold” rating on shares of Starbucks in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $89.64.
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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