Starbucks Co. (SBUX) Shares Sold by Sawgrass Asset Management LLC
Sawgrass Asset Management LLC lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 16.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 706,085 shares of the coffee company’s stock after selling 143,580 shares during the period. Starbucks accounts for 1.9% of Sawgrass Asset Management LLC’s holdings, making the stock its 23rd biggest position. Sawgrass Asset Management LLC’s holdings in Starbucks were worth $37,924,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Starbucks by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock valued at $5,505,491,000 after acquiring an additional 1,953,003 shares during the period. Capital World Investors raised its stake in Starbucks by 2.0% in the 2nd quarter. Capital World Investors now owns 45,458,682 shares of the coffee company’s stock valued at $2,650,696,000 after acquiring an additional 895,432 shares during the period. Northern Trust Corp raised its stake in Starbucks by 5.2% in the 2nd quarter. Northern Trust Corp now owns 21,452,905 shares of the coffee company’s stock valued at $1,250,919,000 after acquiring an additional 1,060,298 shares during the period. Ameriprise Financial Inc. raised its stake in Starbucks by 12.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 15,980,105 shares of the coffee company’s stock valued at $931,909,000 after acquiring an additional 1,809,166 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Starbucks by 3,076.5% in the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock valued at $809,917,000 after acquiring an additional 13,452,551 shares during the period. Institutional investors and hedge funds own 70.76% of the company’s stock.
SBUX has been the topic of several recent research reports. Mizuho set a $75.00 price objective on Starbucks and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Deutsche Bank reiterated a “buy” rating and set a $67.00 price objective on shares of Starbucks in a research report on Monday, October 9th. Piper Jaffray Companies set a $70.00 price objective on Starbucks and gave the stock a “buy” rating in a research report on Wednesday, October 11th. Vetr cut Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 price objective on the stock. in a research report on Thursday, November 2nd. Finally, Nomura lowered their price objective on Starbucks from $67.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $63.54.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.55. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.81 billion. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. Starbucks’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.56 EPS. research analysts anticipate that Starbucks Co. will post 2.38 earnings per share for the current year.
In related news, Director Craig Weatherup sold 56,666 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $56.73, for a total value of $3,214,662.18. Following the sale, the director now directly owns 56,666 shares of the company’s stock, valued at $3,214,662.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joshua Cooper Ramo sold 60,000 shares of the firm’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $59.43, for a total value of $3,565,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 497,808 shares of company stock worth $28,559,521. 3.40% of the stock is currently owned by insiders.
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Starbucks Company Profile
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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