Cypress Capital Group Sells 13,303 Shares of Starbucks Co. (SBUX)
Cypress Capital Group lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 8.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,522 shares of the coffee company’s stock after selling 13,303 shares during the period. Starbucks makes up 1.6% of Cypress Capital Group’s holdings, making the stock its 15th biggest position. Cypress Capital Group’s holdings in Starbucks were worth $7,494,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of SBUX. Cumberland Partners Ltd acquired a new stake in Starbucks during the second quarter valued at $7,026,000. BTC Capital Management Inc. grew its position in Starbucks by 1.4% during the second quarter. BTC Capital Management Inc. now owns 11,737 shares of the coffee company’s stock valued at $683,000 after buying an additional 163 shares during the period. Rhumbline Advisers grew its position in Starbucks by 1.2% during the second quarter. Rhumbline Advisers now owns 2,412,309 shares of the coffee company’s stock valued at $140,662,000 after buying an additional 29,293 shares during the period. Traynor Capital Management Inc. grew its position in Starbucks by 7.2% during the second quarter. Traynor Capital Management Inc. now owns 12,782 shares of the coffee company’s stock valued at $760,000 after buying an additional 863 shares during the period. Finally, Montag & Caldwell LLC grew its position in Starbucks by 3.2% during the second quarter. Montag & Caldwell LLC now owns 1,994,879 shares of the coffee company’s stock valued at $116,322,000 after buying an additional 62,288 shares during the period. 71.87% of the stock is owned by hedge funds and other institutional investors.
Starbucks Co. (SBUX) opened at $54.58 on Friday. The firm has a market cap of $78,830.00, a PE ratio of 18.01, a P/E/G ratio of 1.51 and a beta of 0.70. Starbucks Co. has a 52-week low of $52.58 and a 52-week high of $64.87. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.81 and a current ratio of 1.01.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Thursday, February 8th will be given a dividend of $0.30 per share. The ex-dividend date is Wednesday, February 7th. This represents a $1.20 dividend on an annualized basis and a yield of 2.20%. Starbucks’s payout ratio is presently 39.60%.
In related news, SVP Paul Mutty sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total transaction of $170,850.00. Following the transaction, the senior vice president now directly owns 10,438 shares in the company, valued at $594,444.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Clifford Burrows sold 162,826 shares of Starbucks stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $57.02, for a total transaction of $9,284,338.52. Following the transaction, the insider now directly owns 331,829 shares in the company, valued at $18,920,889.58. The disclosure for this sale can be found here. Insiders have sold 597,668 shares of company stock worth $34,216,388 over the last 90 days. 3.40% of the stock is currently owned by company insiders.
SBUX has been the topic of several analyst reports. UBS Group dropped their price target on shares of Starbucks from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Mizuho set a $75.00 target price on shares of Starbucks and gave the company a “buy” rating in a research report on Wednesday, November 1st. Morgan Stanley lifted their target price on shares of Starbucks from $62.00 to $67.00 and gave the company an “overweight” rating in a research report on Friday, November 10th. Vetr lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 target price on the stock. in a research report on Thursday, November 2nd. Finally, Oppenheimer reiterated a “buy” rating and issued a $66.00 target price on shares of Starbucks in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Starbucks has an average rating of “Buy” and an average price target of $64.32.
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Starbucks Company Profile
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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