Mackay Shields LLC lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 9.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 185,224 shares of the coffee company’s stock after selling 18,931 shares during the period. Mackay Shields LLC’s holdings in Starbucks were worth $20,710,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in SBUX. Cable Hill Partners LLC grew its position in Starbucks by 6.2% in the 2nd quarter. Cable Hill Partners LLC now owns 9,992 shares of the coffee company’s stock worth $1,117,000 after purchasing an additional 582 shares during the period. Epoch Investment Partners Inc. boosted its stake in shares of Starbucks by 1.7% during the 2nd quarter. Epoch Investment Partners Inc. now owns 288,567 shares of the coffee company’s stock worth $32,265,000 after acquiring an additional 4,785 shares during the last quarter. Intellectus Partners LLC lifted its stake in shares of Starbucks by 0.9% during the 2nd quarter. Intellectus Partners LLC now owns 20,874 shares of the coffee company’s stock valued at $2,334,000 after buying an additional 182 shares in the last quarter. Ossiam lifted its stake in shares of Starbucks by 40.1% during the 2nd quarter. Ossiam now owns 40,636 shares of the coffee company’s stock valued at $4,934,000 after buying an additional 11,622 shares in the last quarter. Finally, Permanens Capital L.P. lifted its stake in shares of Starbucks by 32.1% during the 2nd quarter. Permanens Capital L.P. now owns 69,982 shares of the coffee company’s stock valued at $7,825,000 after buying an additional 17,019 shares in the last quarter. 68.27% of the stock is owned by institutional investors.
Starbucks stock traded up $1.59 during mid-day trading on Thursday, reaching $112.35. 101,170 shares of the company traded hands, compared to its average volume of 5,837,142. Starbucks Co. has a fifty-two week low of $85.45 and a fifty-two week high of $126.32. The company has a market capitalization of $132.47 billion, a price-to-earnings ratio of 46.86, a price-to-earnings-growth ratio of 3.06 and a beta of 0.88. The firm’s fifty day moving average is $114.93 and its two-hundred day moving average is $114.70.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 26th. Stockholders of record on Friday, November 12th will be paid a $0.49 dividend. The ex-dividend date of this dividend is Wednesday, November 10th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from Starbucks’s previous quarterly dividend of $0.45. Starbucks’s dividend payout ratio is presently 153.85%.
Several analysts have commented on SBUX shares. Oppenheimer boosted their price target on shares of Starbucks from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, July 16th. Robert W. Baird reiterated a “buy” rating on shares of Starbucks in a report on Wednesday. Wells Fargo & Company started coverage on shares of Starbucks in a report on Sunday, June 20th. They set a “buy” rating on the stock. BMO Capital Markets upped their price target on shares of Starbucks from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, July 28th. Finally, Barclays upped their price target on shares of Starbucks from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, July 28th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $127.22.
In related news, CEO Kevin R. Johnson sold 359,177 shares of the firm’s stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $122.81, for a total transaction of $44,110,527.37. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO John Culver sold 148,619 shares of the firm’s stock in a transaction on Friday, August 6th. The shares were sold at an average price of $119.00, for a total transaction of $17,685,661.00. The disclosure for this sale can be found here. 0.36% of the stock is owned by corporate insiders.
Starbucks Company Profile
Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.
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