Bank of New York Mellon Corp lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 3.5% in the third quarter, HoldingsChannel.com reports. The firm owned 29,518,115 shares of the coffee company’s stock after selling 1,062,143 shares during the period. Bank of New York Mellon Corp’s holdings in Starbucks were worth $1,585,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently bought and sold shares of SBUX. Jacobi Capital Management LLC grew its stake in shares of Starbucks by 6.9% during the 2nd quarter. Jacobi Capital Management LLC now owns 2,007 shares of the coffee company’s stock worth $116,000 after acquiring an additional 129 shares during the period. Valley National Advisers Inc. grew its stake in shares of Starbucks by 2.8% during the 2nd quarter. Valley National Advisers Inc. now owns 2,089 shares of the coffee company’s stock worth $122,000 after acquiring an additional 57 shares during the period. Shine Investment Advisory Services Inc. bought a new position in shares of Starbucks during the 2nd quarter worth $128,000. Aviance Capital Management LLC bought a new position in shares of Starbucks during the 2nd quarter worth $146,000. Finally, MPS Loria Financial Planners LLC bought a new position in shares of Starbucks during the 2nd quarter worth $153,000. Institutional investors own 70.67% of the company’s stock.
SBUX has been the subject of several research reports. OTR Global upgraded Starbucks to a “positive” rating in a research note on Thursday, October 26th. Morgan Stanley increased their price target on Starbucks from $62.00 to $67.00 and gave the stock an “overweight” rating in a research note on Friday, November 10th. Vetr upgraded Starbucks from a “buy” rating to a “strong-buy” rating and set a $64.05 price target for the company in a research note on Tuesday, November 21st. Cowen reiterated an “outperform” rating and set a $62.00 price target (down previously from $63.00) on shares of Starbucks in a research note on Tuesday, October 10th. Finally, Tigress Financial initiated coverage on Starbucks in a research note on Wednesday, December 27th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $63.23.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.55. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.81 billion. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. Starbucks’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm posted $0.56 EPS. equities research analysts forecast that Starbucks Co. will post 2.34 earnings per share for the current year.
In related news, Director Javier G. Teruel sold 62,966 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $57.61, for a total transaction of $3,627,471.26. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Howard D. Schultz sold 290,176 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $57.03, for a total value of $16,548,737.28. Following the transaction, the insider now directly owns 29,872,564 shares in the company, valued at $1,703,632,324.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 497,808 shares of company stock worth $28,559,521. 3.40% of the stock is currently owned by insiders.
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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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