Raymond James Trust N.A. Acquires 2,391 Shares of Starbucks Co. (NASDAQ:SBUX)
Raymond James Trust N.A. lifted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,665 shares of the coffee company’s stock after buying an additional 2,391 shares during the period. Raymond James Trust N.A.’s holdings in Starbucks were worth $8,993,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SBUX. HighMark Wealth Management LLC raised its holdings in shares of Starbucks by 351.9% during the 2nd quarter. HighMark Wealth Management LLC now owns 366 shares of the coffee company’s stock valued at $27,000 after buying an additional 285 shares in the last quarter. AlphaMark Advisors LLC raised its holdings in shares of Starbucks by 175.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 372 shares of the coffee company’s stock valued at $27,000 after buying an additional 237 shares in the last quarter. Centerpoint Advisors LLC raised its holdings in shares of Starbucks by 4,644.4% during the 2nd quarter. Centerpoint Advisors LLC now owns 427 shares of the coffee company’s stock valued at $31,000 after buying an additional 418 shares in the last quarter. Shine Investment Advisory Services Inc. raised its holdings in shares of Starbucks by 63.5% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the coffee company’s stock valued at $33,000 after buying an additional 176 shares in the last quarter. Finally, Atticus Wealth Management LLC purchased a new position in Starbucks in the 2nd quarter worth approximately $37,000. 68.36% of the stock is currently owned by institutional investors.
In other news, Director Clara Shih sold 37,498 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $79.13, for a total value of $2,967,216.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin R. Johnson sold 107,762 shares of the business’s stock in a transaction on Friday, October 9th. The stock was sold at an average price of $90.08, for a total value of $9,707,200.96. The disclosure for this sale can be found here. Insiders sold 153,764 shares of company stock worth $13,404,656 over the last three months. Corporate insiders own 0.41% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.61) by $0.15. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The business had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the previous year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was down 38.1% compared to the same quarter last year. On average, research analysts predict that Starbucks Co. will post 0.97 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.03%. This is an increase from Starbucks’s previous quarterly dividend of $0.41. The ex-dividend date is Tuesday, November 10th. Starbucks’s payout ratio is 57.95%.
SBUX has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Starbucks from $93.00 to $98.00 and gave the stock an “overweight” rating in a research note on Friday. Morgan Stanley lifted their price target on Starbucks from $79.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday. ValuEngine cut Starbucks from a “buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Wedbush lifted their price target on Starbucks from $75.00 to $81.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. They noted that the move was a valuation call. Finally, Telsey Advisory Group lifted their price target on Starbucks from $80.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 30th. Sixteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Starbucks currently has a consensus rating of “Hold” and an average target price of $86.73.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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