Pinnacle Associates Ltd. Decreases Position in Starbucks Co. (SBUX)

Pinnacle Associates Ltd. reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 1.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,045 shares of the coffee company’s stock after selling 203 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Starbucks were worth $776,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Polen Capital Management LLC lifted its stake in Starbucks by 46.8% in the third quarter. Polen Capital Management LLC now owns 18,035,326 shares of the coffee company’s stock valued at $1,025,128,000 after acquiring an additional 5,748,941 shares during the last quarter. BlackRock Inc. lifted its stake in Starbucks by 6.8% in the third quarter. BlackRock Inc. now owns 90,368,884 shares of the coffee company’s stock valued at $5,136,569,000 after acquiring an additional 5,714,419 shares during the last quarter. Magellan Asset Management Ltd lifted its stake in Starbucks by 17.5% in the third quarter. Magellan Asset Management Ltd now owns 38,067,340 shares of the coffee company’s stock valued at $2,163,748,000 after acquiring an additional 5,675,224 shares during the last quarter. Capital World Investors lifted its stake in Starbucks by 33.3% in the third quarter. Capital World Investors now owns 11,222,132 shares of the coffee company’s stock valued at $637,866,000 after acquiring an additional 2,805,225 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Starbucks by 4.8% in the third quarter. Morgan Stanley now owns 49,371,647 shares of the coffee company’s stock valued at $2,806,283,000 after acquiring an additional 2,254,701 shares during the last quarter. Institutional investors and hedge funds own 73.29% of the company’s stock.

A number of research firms have issued reports on SBUX. BidaskClub upgraded shares of Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 15th. Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Monday, November 12th. Citigroup lifted their target price on shares of Starbucks from $65.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, November 12th. CIBC lifted their target price on shares of Starbucks from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, January 25th. Finally, Bank of America set a $75.00 target price on shares of Starbucks and gave the company a “buy” rating in a research note on Friday, January 25th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $67.01.

Shares of SBUX stock opened at $70.70 on Friday. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $71.54. The firm has a market cap of $87.54 billion, a P/E ratio of 29.21, a P/E/G ratio of 2.02 and a beta of 0.48. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.16 and a current ratio of 1.41.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, January 24th. The coffee company reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.10. Starbucks had a net margin of 11.98% and a return on equity of 193.00%. The business had revenue of $6.63 billion for the quarter, compared to analyst estimates of $6.49 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. Starbucks’s revenue was up 9.2% compared to the same quarter last year. Analysts predict that Starbucks Co. will post 2.72 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 22nd. Investors of record on Thursday, February 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Wednesday, February 6th. Starbucks’s dividend payout ratio (DPR) is currently 59.50%.

In other Starbucks news, EVP Vivek C. Varma sold 70,364 shares of the business’s stock in a transaction on Wednesday, February 13th. The shares were sold at an average price of $70.05, for a total value of $4,928,998.20. Following the sale, the executive vice president now owns 138,004 shares of the company’s stock, valued at approximately $9,667,180.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clifford Burrows sold 152,634 shares of the business’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $67.22, for a total transaction of $10,260,057.48. Following the completion of the sale, the insider now directly owns 311,083 shares in the company, valued at approximately $20,910,999.26. The disclosure for this sale can be found here. Insiders have sold 565,806 shares of company stock worth $38,789,988 in the last ninety days. 3.98% of the stock is currently owned by insiders.

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Starbucks Company Profile

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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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