Hoertkorn Richard Charles Reduces Holdings in Starbucks Co. (SBUX)
Hoertkorn Richard Charles decreased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,910 shares of the coffee company’s stock after selling 925 shares during the quarter. Starbucks makes up about 1.6% of Hoertkorn Richard Charles’ holdings, making the stock its 22nd largest position. Hoertkorn Richard Charles’ holdings in Starbucks were worth $2,723,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of SBUX. Fiduciary Group LLC purchased a new position in shares of Starbucks during the third quarter worth about $3,522,000. Founders Financial Securities LLC purchased a new position in shares of Starbucks during the third quarter worth about $732,000. Independence Bank of Kentucky grew its holdings in shares of Starbucks by 7.5% during the third quarter. Independence Bank of Kentucky now owns 28,777 shares of the coffee company’s stock worth $1,636,000 after buying an additional 2,007 shares during the last quarter. BB&T Corp grew its holdings in shares of Starbucks by 26.4% during the third quarter. BB&T Corp now owns 305,679 shares of the coffee company’s stock worth $17,375,000 after buying an additional 63,791 shares during the last quarter. Finally, Smart Portfolios LLC grew its holdings in shares of Starbucks by 124.3% during the third quarter. Smart Portfolios LLC now owns 5,720 shares of the coffee company’s stock worth $325,000 after buying an additional 3,170 shares during the last quarter. 72.02% of the stock is currently owned by institutional investors.
SBUX stock opened at $58.66 on Friday. 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. The company has a market cap of $79.73 billion, a PE ratio of 28.48, a P/E/G ratio of 1.61 and a beta of 0.60.
In related news, Director Myron E. Ullman III sold 15,000 shares of Starbucks stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $809,700.00. Following the completion of the transaction, the director now directly owns 29,000 shares in the company, valued at approximately $1,565,420. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rosalind G. Brewer acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were bought at an average price of $54.04 per share, with a total value of $270,200.00. Following the completion of the transaction, the insider now directly owns 7,302 shares in the company, valued at $394,600.08. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 295,832 shares of company stock valued at $15,834,037. Insiders own 3.40% of the company’s stock.
SBUX has been the topic of a number of research reports. Wedbush lowered their price target on Starbucks from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, July 27th. BidaskClub raised Starbucks from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Bank of America raised their price target on Starbucks from $57.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, October 10th. Zacks Investment Research lowered Starbucks from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Finally, KeyCorp started coverage on Starbucks in a report on Wednesday, October 3rd. They issued an “overweight” rating and a $65.00 price objective on the stock. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Starbucks presently has an average rating of “Buy” and a consensus price target of $60.48.
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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