Sumitomo Life Insurance Co. lowered its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 9.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,138 shares of the coffee company’s stock after selling 959 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Starbucks were worth $711,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Starbucks during the fourth quarter worth approximately $1,240,652,000. Ontario Teachers Pension Plan Board bought a new position in shares of Starbucks during the 1st quarter valued at approximately $415,167,000. Flossbach Von Storch AG raised its holdings in Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after buying an additional 2,897,282 shares during the period. Capital World Investors bought a new stake in Starbucks in the first quarter worth $257,721,000. Finally, Van ECK Associates Corp boosted its stake in Starbucks by 2,624.3% during the first quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock worth $196,516,000 after buying an additional 2,071,378 shares during the period. 72.29% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Insiders have sold 10,540 shares of company stock valued at $879,291 over the last ninety days. Company insiders own 1.98% of the company’s stock.
Starbucks Trading Down 0.1 %
Starbucks (NASDAQ:SBUX – Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm’s revenue was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.00 earnings per share. On average, sell-side analysts predict that Starbucks Co. will post 3.55 EPS for the current fiscal year.
Starbucks Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their target price for the company from $80.00 to $110.00 in a research note on Wednesday, August 14th. HSBC cut their target price on Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. BTIG Research cut their price target on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Finally, William Blair downgraded Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Twelve analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.79.
Get Our Latest Research Report on Starbucks
About Starbucks
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.
Featured Stories
- Five stocks we like better than Starbucks
- Should You Add These Warren Buffett Stocks to Your Portfolio?
- Is YETI Stock an Outlier or a Sign of a Strong Brand?
- Best Stocks Under $10.00
- The Worst May Be Over for Cisco After Beating Estimates in Q4
- What is a Dividend Harvesting Strategy and How Can Investors Profit from it?
- This Small Cap Wealth Management Stock Could Provide Big Returns
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX – Free Report).
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.