Private Ocean LLC Reduces Holdings in Starbucks Co. (NASDAQ:SBUX)

Private Ocean LLC decreased its position in Starbucks Co. (NASDAQ:SBUX) by 13.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 6,834 shares of the coffee company’s stock after selling 1,102 shares during the period. Private Ocean LLC’s holdings in Starbucks were worth $625,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Vima LLC purchased a new position in shares of Starbucks in the 4th quarter valued at $26,000. Scarborough Advisors LLC purchased a new position in shares of Starbucks in the 4th quarter valued at $26,000. DSM Capital Partners LLC purchased a new position in shares of Starbucks in the 4th quarter valued at $27,000. Riggs Asset Managment Co. Inc. grew its position in shares of Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares during the last quarter. Finally, Fairman Group LLC purchased a new position in shares of Starbucks in the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Insiders sold a total of 10,750 shares of company stock worth $878,893 over the last ninety days. 1.98% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Wells Fargo & Company lowered their price objective on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Stifel Nicolaus lowered their price objective on shares of Starbucks from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday, May 1st. Wedbush reissued a “neutral” rating and set a $81.00 price objective on shares of Starbucks in a research report on Friday. Finally, TD Cowen reissued a “hold” rating and set a $85.00 price objective on shares of Starbucks in a research report on Thursday, June 13th. Seventeen research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Starbucks presently has an average rating of “Hold” and an average target price of $94.54.

Starbucks Trading Down 1.7 %

Shares of SBUX opened at $77.85 on Friday. The stock has a market cap of $88.18 billion, a P/E ratio of 21.45, a PEG ratio of 1.70 and a beta of 0.96. The company has a 50-day moving average of $79.66 and a two-hundred day moving average of $88.02. Starbucks Co. has a 12-month low of $71.80 and a 12-month high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The business had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The business’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. As a group, analysts forecast that Starbucks Co. will post 3.59 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is currently 62.81%.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of 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.