Inverness Counsel LLC NY Sells 130,013 Shares of Starbucks Co. (NASDAQ:SBUX)

Inverness Counsel LLC NY cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 45.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 157,630 shares of the coffee company’s stock after selling 130,013 shares during the quarter. Inverness Counsel LLC NY’s holdings in Starbucks were worth $17,625,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Wagner Wealth Management LLC bought a new position in Starbucks in the first quarter valued at approximately $26,000. Joseph P. Lucia & Associates LLC grew its stake in Starbucks by 132.7% in the second quarter. Joseph P. Lucia & Associates LLC now owns 256 shares of the coffee company’s stock valued at $29,000 after purchasing an additional 146 shares in the last quarter. WD Rutherford LLC bought a new position in Starbucks in the first quarter valued at approximately $29,000. Thompson Siegel & Walmsley LLC grew its stake in Starbucks by 235.8% in the first quarter. Thompson Siegel & Walmsley LLC now owns 319 shares of the coffee company’s stock valued at $35,000 after purchasing an additional 224 shares in the last quarter. Finally, Danda Trouve Investment Management Inc. bought a new position in Starbucks in the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 68.27% of the company’s stock.

In related news, COO John Culver sold 148,619 shares of the business’s stock in a transaction on Friday, August 6th. The stock was sold at an average price of $119.00, for a total transaction of $17,685,661.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kevin R. Johnson sold 359,177 shares of the business’s stock in a transaction on Thursday, July 29th. The stock was sold at an average price of $122.81, for a total value of $44,110,527.37. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

A number of research analysts have weighed in on the company. TheStreet upgraded Starbucks from a “c” rating to a “b-” rating in a research note on Tuesday, July 27th. Wells Fargo & Company began coverage on Starbucks in a research report on Sunday, June 20th. They issued a “buy” rating for the company. BMO Capital Markets raised their price objective on Starbucks from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, July 28th. Cowen raised their price objective on Starbucks from $126.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, July 28th. Finally, Guggenheim began coverage on Starbucks in a research report on Monday, July 26th. They issued a “neutral” rating and a $125.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, Starbucks presently has a consensus rating of “Buy” and an average target price of $126.15.

NASDAQ SBUX traded down $4.39 during midday trading on Wednesday, hitting $114.47. The company had a trading volume of 258,977 shares, compared to its average volume of 5,848,181. The company has a market capitalization of $134.97 billion, a PE ratio of 49.73, a P/E/G ratio of 3.06 and a beta of 0.88. The firm has a 50-day moving average price of $118.21 and a 200-day moving average price of $114.01. Starbucks Co. has a twelve month low of $81.75 and a twelve month high of $126.32.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Monday, July 26th. The coffee company reported $1.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.23. Starbucks had a negative return on equity of 43.16% and a net margin of 10.43%. The firm had revenue of $7.50 billion during the quarter, compared to analysts’ expectations of $7.26 billion. During the same period in the previous year, the firm earned ($0.46) EPS. The company’s quarterly revenue was up 77.6% compared to the same quarter last year. As a group, equities analysts predict that Starbucks Co. will post 3.25 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Thursday, August 12th were paid a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 11th. This represents a $1.80 annualized dividend and a dividend yield of 1.57%. Starbucks’s payout ratio is 153.85%.

Starbucks Company Profile

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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