Tortoise Investment Management LLC Sells 279 Shares of Starbucks Co. (NASDAQ:SBUX)

Tortoise Investment Management LLC lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 24.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 879 shares of the coffee company’s stock after selling 279 shares during the period. Tortoise Investment Management LLC’s holdings in Starbucks were worth $68,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Graybill Wealth Management LTD. grew its stake in Starbucks by 0.3% during the fourth quarter. Graybill Wealth Management LTD. now owns 40,088 shares of the coffee company’s stock worth $3,849,000 after buying an additional 109 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Starbucks by 7.9% in the first quarter. Versant Capital Management Inc now owns 1,659 shares of the coffee company’s stock valued at $152,000 after purchasing an additional 122 shares in the last quarter. Astoria Portfolio Advisors LLC. lifted its holdings in Starbucks by 2.0% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock worth $544,000 after buying an additional 127 shares in the last quarter. Bedel Financial Consulting Inc. boosted its position in Starbucks by 2.1% in the 4th quarter. Bedel Financial Consulting Inc. now owns 6,423 shares of the coffee company’s stock valued at $617,000 after buying an additional 132 shares during the last quarter. Finally, Carolinas Wealth Consulting LLC increased its stake in shares of Starbucks by 4.9% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 2,862 shares of the coffee company’s stock valued at $275,000 after buying an additional 133 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $93.18 on Wednesday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The stock has a market capitalization of $105.59 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 2.26 and a beta of 0.96. The business has a 50-day moving average of $81.63 and a 200-day moving average of $83.84.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.00 EPS. On average, sell-side analysts expect that Starbucks Co. will post 3.56 EPS for the current year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.57 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.45%. Starbucks’s payout ratio is 62.81%.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,790 shares of company stock worth $865,514. Company insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SBUX shares. Citigroup raised their price target on Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. DZ Bank downgraded shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target for the company. in a research note on Wednesday, August 21st. Wedbush reaffirmed a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a research note on Tuesday, August 13th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and increased their price target for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Finally, Stifel Nicolaus raised Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $80.00 to $110.00 in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and an average price target of $99.21.

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.