First Command Financial Services Inc. increased its holdings in Starbucks Co. (NASDAQ:SBUX) by 475.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,857 shares of the coffee company’s stock after acquiring an additional 5,665 shares during the period. First Command Financial Services Inc.’s holdings in Starbucks were worth $505,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Endurance Wealth Management Inc. grew its holdings in shares of Starbucks by 1,352.7% in the second quarter. Endurance Wealth Management Inc. now owns 32,817 shares of the coffee company’s stock valued at $2,415,000 after acquiring an additional 30,558 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Starbucks by 2.0% in the fourth quarter. Sunbelt Securities Inc. now owns 19,699 shares of the coffee company’s stock valued at $1,704,000 after purchasing an additional 395 shares during the last quarter. Altfest L J & Co. Inc. lifted its stake in Starbucks by 63.4% in the first quarter. Altfest L J & Co. Inc. now owns 6,904 shares of the coffee company’s stock valued at $454,000 after purchasing an additional 2,680 shares during the last quarter. Hotaling Investment Management LLC purchased a new stake in Starbucks in the first quarter worth $227,000. Finally, Vantage Investment Partners LLC increased its position in Starbucks by 4.0% in the first quarter. Vantage Investment Partners LLC now owns 153,250 shares of the coffee company’s stock worth $10,075,000 after buying an additional 5,920 shares during the last quarter. 68.51% of the stock is owned by institutional investors.
A number of analysts have issued reports on SBUX shares. Stephens decreased their target price on Starbucks from $80.00 to $72.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Zacks Investment Research raised Starbucks from a “sell” rating to a “hold” rating and set a $86.00 target price for the company in a research report on Monday, June 8th. BidaskClub downgraded Starbucks from a “hold” rating to a “sell” rating in a research report on Wednesday, June 24th. Bank of America downgraded Starbucks from a “buy” rating to a “neutral” rating and raised their target price for the stock from $68.00 to $73.00 in a research report on Thursday, April 9th. Finally, Atlantic Securities started coverage on Starbucks in a research report on Monday, June 15th. They issued an “overweight” rating and a $95.00 target price for the company. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $82.56.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 28th. The coffee company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). Starbucks had a net margin of 12.71% and a negative return on equity of 50.19%. The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the business earned $0.60 EPS. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. As a group, equities research analysts anticipate that Starbucks Co. will post 0.8 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.64 dividend on an annualized basis and a yield of 2.23%. Starbucks’s payout ratio is 57.95%.
In other news, CAO Jill Walker sold 2,000 shares of Starbucks stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $82.64, for a total value of $165,280.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Myron E. Ullman III sold 4,252 shares of Starbucks stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $77.66, for a total value of $330,210.32. The disclosure for this sale can be found here. Insiders have sold 14,756 shares of company stock worth $1,128,953 in the last 90 days. Company insiders own 0.41% of the company’s stock.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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