AdvisorNet Financial Inc Decreases Stake in Starbucks Co. (NASDAQ:SBUX)

AdvisorNet Financial Inc cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 6.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,891 shares of the coffee company’s stock after selling 133 shares during the period. AdvisorNet Financial Inc’s holdings in Starbucks were worth $147,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Orca Investment Management LLC lifted its position in Starbucks by 6.6% during the fourth quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock valued at $719,000 after acquiring an additional 466 shares during the last quarter. Cox Capital Mgt LLC increased its stake in shares of Starbucks by 41.9% in the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after purchasing an additional 13,372 shares in the last quarter. Summa Corp. acquired a new position in Starbucks in the 4th quarter worth about $384,000. Brevan Howard Capital Management LP purchased a new position in Starbucks during the fourth quarter worth approximately $2,781,000. Finally, FFT Wealth Management LLC acquired a new position in shares of Starbucks during the 4th quarter worth approximately $209,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of Starbucks stock traded up $0.27 on Thursday, reaching $94.17. 15,812,098 shares of the company were exchanged, compared to its average volume of 12,001,562. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The company’s 50-day moving average is $77.69 and its two-hundred day moving average is $83.91. The firm has a market cap of $106.71 billion, a price-to-earnings ratio of 25.79, a P/E/G ratio of 1.80 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period last year, the company earned $1.00 earnings per share. The company’s quarterly revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.57 per share. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a yield of 2.42%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Insider Activity

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The disclosure for this sale can be found here. Insiders have sold 7,250 shares of company stock worth $579,375 in the last 90 days. Company insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

SBUX has been the topic of a number of recent research reports. Barclays boosted their price target on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday. BMO Capital Markets cut their price target on Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $118.00 in a research note on Wednesday. Guggenheim cut their target price on Starbucks from $100.00 to $91.00 and set a “buy” rating for the company in a research note on Friday, April 19th. Finally, HSBC lowered their price target on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research report on Friday, May 3rd. Twelve equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.79.

Starbucks Company 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.