East Coast Asset Management LLC. Decreases Stake in Starbucks Co. (SBUX)
East Coast Asset Management LLC. trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% in the 2nd quarter, Holdings Channel reports. The firm owned 52,699 shares of the coffee company’s stock after selling 1,318 shares during the period. Starbucks accounts for approximately 0.7% of East Coast Asset Management LLC.’s holdings, making the stock its 22nd biggest position. East Coast Asset Management LLC.’s holdings in Starbucks were worth $2,574,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Archford Capital Strategies LLC raised its holdings in shares of Starbucks by 669.7% during the second quarter. Archford Capital Strategies LLC now owns 2,186 shares of the coffee company’s stock valued at $107,000 after purchasing an additional 1,902 shares during the last quarter. Fort L.P. purchased a new position in shares of Starbucks during the second quarter valued at approximately $112,000. Point72 Hong Kong Ltd purchased a new position in shares of Starbucks during the second quarter valued at approximately $115,000. Transamerica Financial Advisors Inc. purchased a new position in shares of Starbucks during the first quarter valued at approximately $118,000. Finally, RPg Family Wealth Advisory LLC raised its holdings in shares of Starbucks by 155.6% during the second quarter. RPg Family Wealth Advisory LLC now owns 2,748 shares of the coffee company’s stock valued at $134,000 after purchasing an additional 1,673 shares during the last quarter. 72.16% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. ValuEngine raised shares of Starbucks from a “strong sell” rating to a “sell” rating in a report on Saturday, July 14th. BMO Capital Markets decreased their price objective on shares of Starbucks from $58.00 to $56.00 and set a “market perform” rating for the company in a report on Wednesday, June 20th. Wedbush decreased their price objective on shares of Starbucks from $58.00 to $57.00 and set a “neutral” rating for the company in a report on Wednesday, June 20th. Telsey Advisory Group decreased their price objective on shares of Starbucks from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Tuesday, July 17th. Finally, Stephens reduced their target price on shares of Starbucks from $58.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, July 2nd. Fourteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $60.02.
Shares of SBUX stock opened at $54.75 on Friday. The company has a market cap of $74.16 billion, a price-to-earnings ratio of 26.58, a price-to-earnings-growth ratio of 1.63 and a beta of 0.64. Starbucks Co. has a 12 month low of $47.37 and a 12 month high of $61.94. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.01 and a quick ratio of 0.76.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $6.25 billion. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.55 earnings per share. research analysts predict that Starbucks Co. will post 2.42 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 24th. Shareholders of record on Thursday, August 9th were given a $0.36 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.30. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Wednesday, August 8th. Starbucks’s dividend payout ratio is presently 69.90%.
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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