Charter Trust Co. Has $377,000 Stake in Starbucks Co. (SBUX)
Charter Trust Co. lifted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 24.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 7,724 shares of the coffee company’s stock after purchasing an additional 1,498 shares during the period. Charter Trust Co.’s holdings in Starbucks were worth $377,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Bedel Financial Consulting Inc. purchased a new stake in Starbucks during the first quarter worth approximately $104,000. Transamerica Financial Advisors Inc. purchased a new stake in Starbucks during the first quarter worth approximately $118,000. Trilogy Capital Inc. purchased a new stake in Starbucks during the first quarter worth approximately $135,000. Gables Capital Management Inc. purchased a new stake in Starbucks during the first quarter worth approximately $159,000. Finally, Bluestein R H & Co. purchased a new stake in Starbucks during the first quarter worth approximately $200,000. 72.16% of the stock is owned by institutional investors and hedge funds.
In related news, insider Rosalind G. Brewer purchased 5,000 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was acquired at an average price of $54.04 per share, for a total transaction of $270,200.00. Following the completion of the purchase, the insider now directly owns 7,302 shares of the company’s stock, valued at $394,600.08. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Myron E. Ullman III sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $52.13, for a total value of $781,950.00. Following the sale, the director now owns 29,000 shares of the company’s stock, valued at approximately $1,511,770. The disclosure for this sale can be found here. Insiders have sold 196,666 shares of company stock valued at $10,374,948 in the last 90 days. Company insiders own 3.40% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 26th. The coffee company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 business earned $0.55 earnings per share. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. sell-side 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. Stockholders of record on Thursday, August 9th were paid a dividend of $0.36 per share. 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 is 69.90%.
Several research firms recently weighed in on SBUX. Piper Jaffray Companies cut Starbucks from an “overweight” rating to a “neutral” rating and set a $72.00 target price for the company. in a research note on Tuesday, August 21st. Zacks Investment Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 21st. BidaskClub upgraded Starbucks from a “sell” rating to a “hold” rating in a research note on Thursday, August 16th. Oppenheimer reduced their price objective on Starbucks from $66.00 to $61.00 and set an “outperform” rating for the company in a research note on Friday, July 27th. Finally, Wedbush reduced their price objective on Starbucks from $54.00 to $53.00 and set a “neutral” rating for the company in a research note on Friday, July 27th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the company. Starbucks has a consensus rating of “Hold” and a consensus target price of $60.21.
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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