Beacon Pointe Advisors LLC Sells 36,915 Shares of Starbucks Corporation $SBUX

Beacon Pointe Advisors LLC trimmed its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 29.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 87,858 shares of the coffee company’s stock after selling 36,915 shares during the period. Beacon Pointe Advisors LLC’s holdings in Starbucks were worth $8,050,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Nuveen LLC bought a new stake in Starbucks in the 1st quarter worth about $1,379,619,000. Norges Bank purchased a new stake in shares of Starbucks during the 2nd quarter valued at about $1,246,316,000. Polen Capital Management LLC bought a new stake in shares of Starbucks in the first quarter worth approximately $503,539,000. Goldman Sachs Group Inc. raised its holdings in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 11,700 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average price of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director owned 53,096 shares in the company, valued at $4,513,160. The trade was a 28.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SBUX shares. Sanford C. Bernstein set a $100.00 target price on shares of Starbucks and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Zacks Research raised Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. TD Cowen reissued a “hold” rating and issued a $84.00 target price on shares of Starbucks in a report on Monday. Wells Fargo & Company set a $100.00 target price on Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, Mizuho upgraded Starbucks to a “hold” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Stock Up 0.3%

NASDAQ:SBUX opened at $85.20 on Wednesday. The business’s 50-day simple moving average is $84.04 and its two-hundred day simple moving average is $87.70. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The stock has a market cap of $96.88 billion, a PE ratio of 51.95, a P/E/G ratio of 4.28 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.03). The business had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 EPS. Sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, February 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s dividend payout ratio (DPR) is presently 151.22%.

Starbucks 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.