Taylor Hoffman Wealth Management Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Taylor Hoffman Wealth Management trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 15.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,672 shares of the coffee company’s stock after selling 670 shares during the period. Taylor Hoffman Wealth Management’s holdings in Starbucks were worth $325,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SBUX. Nuveen Asset Management LLC raised its position in shares of Starbucks by 977.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 7,923,411 shares of the coffee company’s stock valued at $664,219,000 after purchasing an additional 7,188,139 shares during the period. Invesco Ltd. raised its position in shares of Starbucks by 18.4% during the 2nd quarter. Invesco Ltd. now owns 17,382,380 shares of the coffee company’s stock valued at $1,457,167,000 after purchasing an additional 2,706,533 shares during the period. APG Asset Management N.V. raised its position in shares of Starbucks by 87.0% during the 2nd quarter. APG Asset Management N.V. now owns 5,538,794 shares of the coffee company’s stock valued at $407,725,000 after purchasing an additional 2,576,900 shares during the period. Prudential Financial Inc. raised its position in shares of Starbucks by 166.3% during the 2nd quarter. Prudential Financial Inc. now owns 3,901,446 shares of the coffee company’s stock valued at $327,058,000 after purchasing an additional 2,436,385 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Starbucks by 162.1% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,327,726 shares of the coffee company’s stock valued at $278,964,000 after purchasing an additional 2,058,082 shares during the period. Hedge funds and other institutional investors own 70.68% of the company’s stock.

In other news, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $96.42, for a total value of $961,596.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Javier G. Teruel sold 59,838 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $96.92, for a total transaction of $5,799,498.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,885 shares of company stock valued at $10,707,543. 3.98% of the stock is owned by corporate insiders.

NASDAQ SBUX traded down $0.18 on Friday, reaching $81.77. The company had a trading volume of 7,054,700 shares, compared to its average volume of 8,267,584. The stock has a market capitalization of $98.02 billion, a PE ratio of 28.89, a price-to-earnings-growth ratio of 2.03 and a beta of 0.53. Starbucks Co. has a 12 month low of $60.42 and a 12 month high of $99.72. The firm’s 50 day moving average price is $85.72 and its 200 day moving average price is $86.55.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.70 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.70. The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.68 billion. Starbucks had a net margin of 13.58% and a negative return on equity of 75.45%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. Equities research analysts expect that Starbucks Co. will post 3.05 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Wednesday, November 13th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.01%. This is a boost from Starbucks’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, November 12th. Starbucks’s payout ratio is 50.88%.

Several brokerages have recently commented on SBUX. Stephens raised their price objective on shares of Starbucks from $72.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. BidaskClub downgraded shares of Starbucks from a “hold” rating to a “sell” rating in a research report on Saturday, October 26th. Goldman Sachs Group began coverage on shares of Starbucks in a research report on Monday, July 29th. They set a “buy” rating and a $110.00 price objective on the stock. Barclays raised their price objective on shares of Starbucks from $75.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Finally, Cleveland Research restated a “hold” rating on shares of Starbucks in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $89.64.

Starbucks 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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