Pictet & Cie Europe SA Sells 9,610 Shares of Starbucks Co. (SBUX)
Pictet & Cie Europe SA decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 10.2% during the second quarter, Holdings Channel reports. The institutional investor owned 84,338 shares of the coffee company’s stock after selling 9,610 shares during the quarter. Pictet & Cie Europe SA’s holdings in Starbucks were worth $4,120,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Bedel Financial Consulting Inc. purchased a new position in Starbucks during the first quarter worth approximately $104,000. Transamerica Financial Advisors Inc. purchased a new position in Starbucks during the first quarter worth approximately $118,000. Trilogy Capital Inc. purchased a new position in Starbucks during the first quarter worth approximately $135,000. Guidant Wealth Advisors boosted its position in Starbucks by 2,070.6% during the second quarter. Guidant Wealth Advisors now owns 8,921 shares of the coffee company’s stock worth $144,000 after purchasing an additional 8,510 shares in the last quarter. Finally, Gables Capital Management Inc. purchased a new position in Starbucks during the first quarter worth approximately $159,000. Hedge funds and other institutional investors own 72.16% of the company’s stock.
In related news, insider Rosalind G. Brewer purchased 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was purchased at an average price of $54.04 per share, with a total value of $270,200.00. Following the completion of the acquisition, the insider now owns 7,302 shares in the company, valued at $394,600.08. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Myron E. Ullman III sold 15,000 shares of the stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $52.13, for a total value of $781,950.00. Following the completion of the sale, the director now directly owns 29,000 shares of the company’s stock, valued at approximately $1,511,770. The disclosure for this sale can be found here. In the last ninety days, insiders sold 196,666 shares of company stock valued at $10,374,948. Insiders own 3.48% of the company’s stock.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, July 26th. The coffee company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The business had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the prior year, the firm earned $0.55 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. equities research analysts anticipate that Starbucks Co. will post 2.41 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 24th. Investors of record on Thursday, August 9th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Wednesday, August 8th. This is a boost from Starbucks’s previous quarterly dividend of $0.30. Starbucks’s dividend payout ratio (DPR) is currently 69.90%.
SBUX has been the topic of a number of recent analyst reports. Wedbush lowered their price target on Starbucks from $54.00 to $53.00 and set a “neutral” rating on the stock in a research report on Friday, July 27th. JPMorgan Chase & Co. lowered their price target on Starbucks from $64.00 to $61.00 and set an “overweight” rating on the stock in a research report on Thursday, June 21st. Barclays lowered their price target on Starbucks to $60.00 in a research report on Wednesday, June 20th. BidaskClub downgraded Starbucks from a “hold” rating to a “sell” rating in a research report on Wednesday, June 13th. Finally, Sanford C. Bernstein lowered their price target on Starbucks from $64.00 to $58.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 26th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and fourteen have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $60.21.
Starbucks Company 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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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