Inverness Counsel LLC NY Lowers Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Inverness Counsel LLC NY decreased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 45.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,630 shares of the coffee company’s stock after selling 130,013 shares during the period. Inverness Counsel LLC NY’s holdings in Starbucks were worth $17,625,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. Price T Rowe Associates Inc. MD raised its position in Starbucks by 121.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,585,346 shares of the coffee company’s stock valued at $1,265,931,000 after purchasing an additional 6,350,284 shares in the last quarter. Winslow Capital Management LLC purchased a new stake in Starbucks during the first quarter valued at about $358,133,000. Arrowstreet Capital Limited Partnership purchased a new stake in Starbucks during the first quarter valued at about $118,319,000. Mn Services Vermogensbeheer B.V. bought a new position in shares of Starbucks during the second quarter valued at about $81,394,000. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Starbucks by 10.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,168,456 shares of the coffee company’s stock valued at $783,297,000 after buying an additional 703,125 shares during the last quarter. Institutional investors and hedge funds own 68.27% of the company’s stock.

Shares of SBUX stock traded down $4.39 during trading hours on Wednesday, hitting $114.47. 258,977 shares of the company’s stock traded hands, compared to its average volume of 5,848,181. The stock’s fifty day simple moving average is $118.21 and its two-hundred day simple moving average is $114.01. Starbucks Co. has a 12-month low of $81.75 and a 12-month high of $126.32. The stock has a market cap of $134.97 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 3.06 and a beta of 0.88.

Starbucks (NASDAQ:SBUX) last released its earnings results on Monday, July 26th. The coffee company reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.23. Starbucks had a net margin of 10.43% and a negative return on equity of 43.16%. The firm had revenue of $7.50 billion during the quarter, compared to analyst estimates of $7.26 billion. During the same period last year, the business earned ($0.46) earnings per share. The business’s revenue was up 77.6% on a year-over-year basis. On average, equities research analysts forecast that Starbucks Co. will post 3.25 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Thursday, August 12th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, August 11th. This represents a $1.80 annualized dividend and a dividend yield of 1.57%. Starbucks’s payout ratio is 153.85%.

In related news, CEO Kevin R. Johnson sold 359,177 shares of the business’s stock in a transaction that occurred on Thursday, July 29th. The shares were sold at an average price of $122.81, for a total value of $44,110,527.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO John Culver sold 148,619 shares of the business’s stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $119.00, for a total transaction of $17,685,661.00. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.

A number of research analysts have recently issued reports on SBUX shares. Wells Fargo & Company started coverage on Starbucks in a research note on Sunday, June 20th. They set a “buy” rating on the stock. Guggenheim started coverage on Starbucks in a research note on Monday, July 26th. They set a “neutral” rating and a $125.00 price objective on the stock. TheStreet raised Starbucks from a “c” rating to a “b-” rating in a research note on Tuesday, July 27th. MKM Partners raised their price objective on Starbucks from $125.00 to $132.00 and gave the company a “neutral” rating in a research note on Wednesday, July 28th. Finally, BMO Capital Markets raised their price objective on Starbucks from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, July 28th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $126.15.

About Starbucks

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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