Essex Financial Services Inc. trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 13.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,599 shares of the coffee company’s stock after selling 3,663 shares during the quarter. Essex Financial Services Inc.’s holdings in Starbucks were worth $1,202,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Bedel Financial Consulting Inc. bought a new position in shares of Starbucks during the first quarter worth about $104,000. Transamerica Financial Advisors Inc. bought a new position in shares of Starbucks during the first quarter worth about $118,000. Trilogy Capital Inc. bought a new position in shares of Starbucks during the first quarter worth about $135,000. Guidant Wealth Advisors raised its position in shares of Starbucks by 2,070.6% during the second quarter. Guidant Wealth Advisors now owns 8,921 shares of the coffee company’s stock worth $144,000 after acquiring an additional 8,510 shares during the last quarter. Finally, Gables Capital Management Inc. bought a new position in shares of Starbucks during the first quarter worth about $159,000. 73.51% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SBUX stock opened at $53.56 on Friday. The company has a market capitalization of $69.49 billion, a price-to-earnings ratio of 26.00, a price-to-earnings-growth ratio of 1.53 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 1.54. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $61.94.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $6.25 billion. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. research analysts anticipate that Starbucks Co. will post 2.41 earnings per share for the current year.

Starbucks announced that its Board of Directors has approved a share buyback plan on Thursday, April 26th that permits the company to repurchase 0 shares. This repurchase authorization permits the coffee company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Thursday, August 9th will be issued a $0.36 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.30. This represents a $1.44 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend is Wednesday, August 8th. Starbucks’s payout ratio is presently 69.90%.

In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of Starbucks stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $52.13, for a total value of $781,950.00. Following the completion of the sale, the director now directly owns 29,000 shares in the company, valued at $1,511,770. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.48% of the company’s stock.

A number of brokerages have recently issued reports on SBUX. ValuEngine upgraded Starbucks from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 14th. BMO Capital Markets lowered their price objective on Starbucks from $58.00 to $56.00 and set a “market perform” rating for the company in a research report on Wednesday, June 20th. Wedbush lowered their price objective on Starbucks from $58.00 to $57.00 and set a “neutral” rating for the company in a research report on Wednesday, June 20th. Telsey Advisory Group lowered their price objective on Starbucks from $60.00 to $58.00 and set a “market perform” rating for the company in a research report on Tuesday, July 17th. Finally, Stephens lowered their price objective on Starbucks from $58.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, July 2nd. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the company. Starbucks presently has an average rating of “Hold” and a consensus target price of $59.75.

About Starbucks

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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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