Gateway Investment Advisers LLC reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 3.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,508 shares of the coffee company’s stock after selling 2,770 shares during the period. Gateway Investment Advisers LLC’s holdings in Starbucks were worth $4,292,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SBUX. Parnassus Investments CA boosted its position in shares of Starbucks by 26.8% in the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after purchasing an additional 2,543,697 shares during the period. Charles Schwab Investment Advisory Inc. bought a new position in shares of Starbucks in the second quarter worth approximately $105,420,000. Magellan Asset Management Ltd boosted its position in shares of Starbucks by 5.2% in the second quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock worth $1,582,355,000 after purchasing an additional 1,613,187 shares during the period. Fiera Capital Corp boosted its position in shares of Starbucks by 3,492.3% in the second quarter. Fiera Capital Corp now owns 1,274,578 shares of the coffee company’s stock worth $62,262,000 after purchasing an additional 1,239,097 shares during the period. Finally, Morgan Stanley boosted its position in shares of Starbucks by 2.0% in the second quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock worth $2,301,661,000 after purchasing an additional 928,175 shares during the period. 72.02% of the stock is owned by institutional investors and hedge funds.

In other Starbucks news, Director Javier G. Teruel sold 166,666 shares of the stock in a transaction on Friday, August 24th. The shares were sold at an average price of $52.70, for a total transaction of $8,783,298.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Myron E. Ullman III sold 15,000 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $52.13, for a total transaction of $781,950.00. Following the transaction, the director now owns 29,000 shares of the company’s stock, valued at approximately $1,511,770. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 295,832 shares of company stock valued at $15,834,037. 3.40% of the stock is owned by company insiders.

Shares of NASDAQ:SBUX opened at $58.66 on Friday. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.01 and a quick ratio of 0.76. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $61.94. The firm has a market cap of $79.73 billion, a P/E ratio of 28.48, a P/E/G ratio of 1.61 and a beta of 0.60.

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. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The firm had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.25 billion. During the same quarter in the prior year, the business earned $0.55 earnings per share. Starbucks’s revenue for the quarter was up 11.5% on a year-over-year basis. Research analysts anticipate that Starbucks Co. will post 2.4 earnings per share for the current year.

A number of research firms have weighed in on SBUX. Wells Fargo & Co upped their price target on shares of Starbucks from $60.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday. BidaskClub upgraded shares of Starbucks from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Bank of America upped their price target on shares of Starbucks from $57.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, October 10th. KeyCorp reiterated a “buy” rating on shares of Starbucks in a research report on Thursday, October 4th. Finally, Zacks Investment Research lowered shares of Starbucks from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $60.48.

Starbucks 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.

See Also: Retained Earnings

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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