Laffer Investments Cuts Position in Starbucks Co. (SBUX)

Laffer Investments trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 6.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 44,590 shares of the coffee company’s stock after selling 3,165 shares during the period. Laffer Investments’ holdings in Starbucks were worth $2,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. Cumberland Partners Ltd acquired a new position in shares of Starbucks in the 2nd quarter valued at $7,026,000. BTC Capital Management Inc. increased its position in shares of Starbucks by 1.4% in the 2nd quarter. BTC Capital Management Inc. now owns 11,737 shares of the coffee company’s stock valued at $683,000 after acquiring an additional 163 shares during the period. Rhumbline Advisers increased its position in shares of Starbucks by 1.2% in the 2nd quarter. Rhumbline Advisers now owns 2,412,309 shares of the coffee company’s stock valued at $140,662,000 after acquiring an additional 29,293 shares during the period. Traynor Capital Management Inc. increased its position in shares of Starbucks by 7.2% in the 2nd quarter. Traynor Capital Management Inc. now owns 12,782 shares of the coffee company’s stock valued at $760,000 after acquiring an additional 863 shares during the period. Finally, Montag & Caldwell LLC increased its position in shares of Starbucks by 3.2% in the 2nd quarter. Montag & Caldwell LLC now owns 1,994,879 shares of the coffee company’s stock valued at $116,322,000 after acquiring an additional 62,288 shares during the period. 71.87% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts recently issued reports on SBUX shares. UBS Group cut their target price on 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 price target on Starbucks and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Morgan Stanley increased their price target on Starbucks from $62.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, November 10th. Vetr downgraded Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 price target on the stock. in a research report on Thursday, November 2nd. Finally, Oppenheimer reaffirmed a “buy” rating and set a $66.00 price target 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. Starbucks currently has a consensus rating of “Buy” and a consensus price target of $64.32.

In other news, insider Clifford Burrows sold 162,826 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $57.02, for a total transaction of $9,284,338.52. Following the sale, the insider now directly owns 331,829 shares of the company’s stock, valued at approximately $18,920,889.58. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Craig Weatherup sold 56,666 shares of the stock in a transaction dated 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 sale, the director now directly owns 56,666 shares in the company, valued at $3,214,662.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 597,668 shares of company stock worth $34,216,388. Corporate insiders own 3.40% of the company’s stock.

Shares of Starbucks Co. (NASDAQ:SBUX) opened at $54.58 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.81 and a current ratio of 1.01. Starbucks Co. has a 12 month low of $52.58 and a 12 month high of $64.87. The stock has a market cap of $78,830.00, a PE ratio of 18.01, a PEG ratio of 1.51 and a beta of 0.70.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, January 25th. The coffee company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.01. Starbucks had a net margin of 19.28% and a return on equity of 56.35%. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same period in the prior year, the company posted $0.52 EPS. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. research analysts predict that Starbucks Co. will post 2.49 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, February 8th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Wednesday, February 7th. Starbucks’s payout ratio is currently 39.60%.

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About Starbucks

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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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