Everett Harris & Co. CA Trims Position in Starbucks Co. (NASDAQ:SBUX)

Everett Harris & Co. CA lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 0.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,123,784 shares of the coffee company’s stock after selling 8,446 shares during the period. Starbucks accounts for about 1.4% of Everett Harris & Co. CA’s holdings, making the stock its 16th biggest position. Everett Harris & Co. CA owned approximately 0.10% of Starbucks worth $102,703,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC purchased a new stake in Starbucks in the 3rd quarter valued at approximately $1,468,000. Legacy Advisors LLC boosted its stake in shares of Starbucks by 13.9% in the third quarter. Legacy Advisors LLC now owns 28,465 shares of the coffee company’s stock valued at $2,598,000 after buying an additional 3,467 shares in the last quarter. Lakeshore Financial Planning Inc. acquired a new position in Starbucks during the third quarter worth $205,000. Seven Eight Capital LP raised its position in Starbucks by 231.7% in the third quarter. Seven Eight Capital LP now owns 92,661 shares of the coffee company’s stock worth $8,457,000 after acquiring an additional 64,724 shares in the last quarter. Finally, Scotia Capital Inc. lifted its holdings in Starbucks by 9.4% in the third quarter. Scotia Capital Inc. now owns 439,633 shares of the coffee company’s stock valued at $40,127,000 after acquiring an additional 37,686 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

NASDAQ:SBUX traded down $0.57 during trading hours on Thursday, reaching $76.26. 4,906,747 shares of the company were exchanged, compared to its average volume of 10,392,467. Starbucks Co. has a 52-week low of $71.80 and a 52-week high of $107.66. The stock has a 50 day simple moving average of $78.97 and a 200 day simple moving average of $87.58. The firm has a market cap of $86.38 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 1.68 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same quarter in the previous year, the business posted $0.74 EPS. The company’s quarterly revenue was down 1.8% on a year-over-year basis. On average, analysts predict that Starbucks Co. will post 3.58 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.99%. Starbucks’s dividend payout ratio (DPR) is currently 62.81%.

Insider Activity at Starbucks

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

Analysts Set New Price Targets

SBUX has been the topic of a number of recent analyst reports. UBS Group lowered their price target on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. DZ Bank cut shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a report on Friday, May 3rd. Morgan Stanley decreased their price target on Starbucks from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, April 12th. Wells Fargo & Company dropped their price objective on Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Finally, BTIG Research decreased their target price on Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Seventeen analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $94.54.

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.