Private Trust Co. NA reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 7.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,861 shares of the coffee company’s stock after selling 1,745 shares during the period. Private Trust Co. NA’s holdings in Starbucks were worth $1,299,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Starbucks by 0.6% during the 2nd quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock worth $4,135,368,000 after acquiring an additional 477,124 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Starbucks by 2.0% during the 2nd quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock worth $2,301,661,000 after acquiring an additional 928,175 shares during the last quarter. Magellan Asset Management Ltd lifted its holdings in shares of Starbucks by 5.2% during the 2nd quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock worth $1,582,355,000 after acquiring an additional 1,613,187 shares during the last quarter. Polen Capital Management LLC lifted its stake in Starbucks by 0.5% in the second quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock worth $600,190,000 after purchasing an additional 56,588 shares during the last quarter. Finally, Parnassus Investments CA lifted its stake in Starbucks by 26.8% in the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after purchasing an additional 2,543,697 shares during the last quarter. Hedge funds and other institutional investors own 71.90% of the company’s stock.
In other news, insider Rosalind G. Brewer purchased 5,000 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were purchased at an average price of $54.04 per share, for a total transaction of $270,200.00. Following the completion of the acquisition, the insider now directly owns 7,302 shares in the company, valued at approximately $394,600.08. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Myron E. Ullman III sold 99,166 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $55.05, for a total transaction of $5,459,088.30. Following the sale, the director now owns 29,000 shares in the company, valued at approximately $1,596,450. The disclosure for this sale can be found here. In the last quarter, insiders have sold 295,832 shares of company stock worth $15,834,037. Corporate insiders own 3.48% of the company’s stock.
SBUX traded up $2.11 during midday trading on Tuesday, reaching $58.65. The company’s stock had a trading volume of 408,423 shares, compared to its average volume of 10,397,584. The stock has a market cap of $76.68 billion, a PE ratio of 28.22, a price-to-earnings-growth ratio of 1.69 and a beta of 0.60. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.76 and a current ratio of 1.01. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $61.94.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $6.25 billion. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.55 earnings per share. Equities research analysts predict that Starbucks Co. will post 2.4 EPS for the current year.
Several analysts have weighed in on the stock. BMO Capital Markets lowered their price target on shares of Starbucks from $58.00 to $56.00 and set a “market perform” rating for the company in a research note on Wednesday, June 20th. Jefferies Financial Group lowered their price objective on shares of Starbucks from $69.00 to $61.00 and set a “buy” rating for the company in a research note on Tuesday, June 26th. They noted that the move was a valuation call. Telsey Advisory Group lowered their price objective on shares of Starbucks from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Tuesday, July 17th. BidaskClub upgraded shares of Starbucks from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Sanford C. Bernstein reduced their price target on shares of Starbucks from $64.00 to $58.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 26th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $60.21.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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