Howe & Rusling Inc. Cuts Position in Starbucks Co. (SBUX)
Howe & Rusling Inc. trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 2.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,148 shares of the coffee company’s stock after selling 1,786 shares during the period. Howe & Rusling Inc.’s holdings in Starbucks were worth $3,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. Jacobi Capital Management LLC boosted its holdings in Starbucks by 6.9% in the second quarter. Jacobi Capital Management LLC now owns 2,007 shares of the coffee company’s stock valued at $116,000 after purchasing an additional 129 shares during the last quarter. IHT Wealth Management LLC boosted its holdings in Starbucks by 10.2% in the first quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after purchasing an additional 187 shares during the last quarter. Valley National Advisers Inc. boosted its holdings in Starbucks by 2.8% in the second quarter. Valley National Advisers Inc. now owns 2,089 shares of the coffee company’s stock valued at $122,000 after purchasing an additional 57 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in Starbucks in the second quarter valued at $128,000. Finally, Kings Point Capital Management boosted its holdings in Starbucks by 22.5% in the first quarter. Kings Point Capital Management now owns 2,310 shares of the coffee company’s stock valued at $135,000 after purchasing an additional 425 shares during the last quarter. 71.07% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have commented on SBUX shares. Cowen reaffirmed a “buy” rating and issued a $63.00 price target on shares of Starbucks in a report on Friday, September 1st. Mizuho reaffirmed a “buy” rating and issued a $75.00 price target on shares of Starbucks in a report on Friday, September 29th. Deutsche Bank reaffirmed a “buy” rating and issued a $67.00 price target on shares of Starbucks in a report on Monday, October 9th. Piper Jaffray Companies set a $70.00 price target on shares of Starbucks and gave the company a “buy” rating in a report on Wednesday, October 11th. Finally, Vetr lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 price target on the stock. in a report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Starbucks presently has an average rating of “Buy” and an average target price of $63.26.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, hitting the consensus estimate of $0.55. Starbucks had a net margin of 13.85% and a return on equity of 56.02%. The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the prior year, the firm earned $0.56 EPS. The company’s revenue for the quarter was down .2% on a year-over-year basis. analysts forecast that Starbucks Co. will post 2.31 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Thursday, November 16th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Wednesday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.25. Starbucks’s dividend payout ratio is 60.91%.
In other Starbucks 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 value of $170,850.00. Following the completion of the sale, the senior vice president now owns 10,438 shares in the company, valued at approximately $594,444.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joshua Cooper Ramo sold 60,000 shares of the stock in a transaction dated Thursday, December 7th. The shares were 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. In the last 90 days, insiders have sold 497,808 shares of company stock valued at $28,559,521. Insiders own 3.40% of the company’s stock.
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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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