Sumitomo Life Insurance Co. Sells 959 Shares of Starbucks Co. (NASDAQ:SBUX)

Sumitomo Life Insurance Co. lowered its stake in Starbucks Co. (NASDAQ:SBUX) 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 %

Shares of Starbucks stock opened at $94.81 on Monday. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a market capitalization of $107.39 billion, a PE ratio of 26.12, a P/E/G ratio of 2.25 and a beta of 0.94. The firm’s 50-day moving average price is $78.23 and its 200 day moving average price is $83.86.

Starbucks (NASDAQ:SBUX) 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.

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.