Peapack Gladstone Financial Corp Cuts Holdings in Starbucks Corporation (SBUX)

Peapack Gladstone Financial Corp cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 233,938 shares of the coffee company’s stock after selling 3,130 shares during the period. Peapack Gladstone Financial Corp’s holdings in Starbucks were worth $13,641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SBUX. Meiji Yasuda Asset Management Co Ltd. increased its stake in Starbucks by 12.5% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 92,401 shares of the coffee company’s stock worth $5,388,000 after purchasing an additional 10,250 shares in the last quarter. Geneva Advisors LLC increased its stake in Starbucks by 2.3% during the 2nd quarter. Geneva Advisors LLC now owns 2,750,639 shares of the coffee company’s stock worth $160,390,000 after purchasing an additional 63,041 shares in the last quarter. Private Vista LLC increased its stake in Starbucks by 3,334.9% during the 2nd quarter. Private Vista LLC now owns 219,699 shares of the coffee company’s stock worth $160,000 after purchasing an additional 213,303 shares in the last quarter. Welch Group LLC bought a new stake in Starbucks during the 2nd quarter worth approximately $406,000. Finally, TrimTabs Asset Management LLC increased its stake in Starbucks by 104.9% during the 2nd quarter. TrimTabs Asset Management LLC now owns 4,296 shares of the coffee company’s stock worth $250,000 after purchasing an additional 2,199 shares in the last quarter. Institutional investors own 71.07% of the company’s stock.

Starbucks Corporation (SBUX) opened at $59.28 on Thursday. The company has a quick ratio of 0.93, a current ratio of 1.25 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $84,428.95, a P/E ratio of 28.67, a P/E/G ratio of 1.62 and a beta of 0.75. Starbucks Corporation has a 12 month low of $52.58 and a 12 month high of $64.87.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.55. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.81 billion. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 earnings per share. analysts predict that Starbucks Corporation will post 2.31 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Thursday, November 16th were paid a $0.30 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, November 15th. Starbucks’s payout ratio is currently 60.91%.

In other news, Director Craig Weatherup sold 56,666 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $56.73, for a total transaction of $3,214,662.18. Following the transaction, the director now directly owns 56,666 shares of the company’s stock, valued at $3,214,662.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Paul Mutty sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $56.95, for a total value 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 502,584 shares of company stock worth $28,461,828. 3.40% of the stock is owned by insiders.

SBUX has been the subject of several research reports. BMO Capital Markets cut shares of Starbucks from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $54.52 to $64.00 in a research note on Wednesday, August 9th. Morgan Stanley decreased their price target on shares of Starbucks from $68.00 to $62.00 and set a “weight” rating for the company in a research note on Tuesday, August 22nd. Cleveland Research cut shares of Starbucks from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 23rd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $67.00 price target on shares of Starbucks in a research note on Wednesday, August 23rd. Finally, Cowen reaffirmed an “outperform” rating and set a $63.00 price target on shares of Starbucks in a research note on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $63.26.

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Starbucks 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.

Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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