TimeScale Financial Inc. cut its holdings in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 12.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,208 shares of the coffee company's stock after selling 321 shares during the quarter. TimeScale Financial Inc.'s holdings in Starbucks were worth $169,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the business. Tobam acquired a new stake in shares of Starbucks during the first quarter valued at about $198,000. Captrust Financial Advisors raised its position in shares of Starbucks by 111.8% during the first quarter. Captrust Financial Advisors now owns 305,151 shares of the coffee company's stock worth $27,760,000 after acquiring an additional 161,090 shares during the last quarter. Oak Harvest Investment Services raised its position in shares of Starbucks by 3.8% during the second quarter. Oak Harvest Investment Services now owns 57,960 shares of the coffee company's stock worth $4,428,000 after acquiring an additional 2,147 shares during the last quarter. Welch & Forbes LLC raised its position in shares of Starbucks by 4.4% during the second quarter. Welch & Forbes LLC now owns 255,412 shares of the coffee company's stock worth $19,512,000 after acquiring an additional 10,847 shares during the last quarter. Finally, Essex LLC raised its position in shares of Starbucks by 15.7% during the first quarter. Essex LLC now owns 46,017 shares of the coffee company's stock worth $4,186,000 after acquiring an additional 6,233 shares during the last quarter. 67.97% of the stock is owned by institutional investors and hedge funds.
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Insiders Place Their Bets
In other Starbucks news, Director Mellody L. Hobson bought 54,750 shares of the firm's stock in a transaction on Thursday, September 15th. The shares were acquired at an average cost of $92.58 per share, for a total transaction of $5,068,755.00. Following the purchase, the director now directly owns 433,254 shares of the company's stock, valued at $40,110,655.32. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Zabrina Jenkins sold 4,020 shares of the company's stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $93.00, for a total value of $373,860.00. Following the completion of the transaction, the executive vice president now directly owns 36,337 shares in the company, valued at approximately $3,379,341. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mellody L. Hobson acquired 54,750 shares of the business's stock in a transaction dated Thursday, September 15th. The stock was purchased at an average price of $92.58 per share, with a total value of $5,068,755.00. Following the completion of the acquisition, the director now directly owns 433,254 shares in the company, valued at approximately $40,110,655.32. The disclosure for this purchase can be found here. Corporate insiders own 0.27% of the company's stock.
Starbucks Stock Down 0.1 %
Shares of NASDAQ:SBUX traded down $0.11 during midday trading on Wednesday, reaching $88.40. 159,070 shares of the company traded hands, compared to its average volume of 9,624,099. Starbucks Co. has a 12 month low of $68.39 and a 12 month high of $117.80. The firm has a market capitalization of $101.43 billion, a price-to-earnings ratio of 24.93, a price-to-earnings-growth ratio of 1.96 and a beta of 0.89. The firm's fifty day moving average price is $86.63 and its two-hundred day moving average price is $81.41.
Starbucks (NASDAQ:SBUX – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The coffee company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.07. Starbucks had a negative return on equity of 47.28% and a net margin of 13.03%. The company had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period in the previous year, the company posted $1.01 EPS. Analysts forecast that Starbucks Co. will post 2.88 earnings per share for the current year.
Starbucks Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 11th will be paid a $0.53 dividend. This is a positive change from Starbucks's previous quarterly dividend of $0.49. This represents a $2.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Wednesday, November 9th. Starbucks's dividend payout ratio is currently 55.21%.
Analyst Ratings Changes
A number of brokerages have recently issued reports on SBUX. Fubon Bank upgraded Starbucks from a "neutral" rating to a "buy" rating and set a $103.00 price objective for the company in a research report on Wednesday, September 14th. Cowen lifted their target price on Starbucks from $94.00 to $104.00 and gave the stock an "outperform" rating in a report on Thursday, August 18th. Barclays lifted their target price on Starbucks from $96.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, September 14th. Wedbush lifted their target price on Starbucks from $86.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, September 14th. Finally, Piper Sandler lifted their target price on Starbucks from $84.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday, September 16th. Fifteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Starbucks has an average rating of "Hold" and an average target price of $103.44.
Starbucks Profile
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Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
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