Starbucks Co. (SBUX) Shares Sold by Essex Investment Management Co. LLC

Essex Investment Management Co. LLC trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 12.8% in the third quarter, Holdings Channel reports. The institutional investor owned 24,219 shares of the coffee company’s stock after selling 3,544 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Starbucks were worth $1,377,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Starbucks by 0.6% in the second quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock valued at $4,135,368,000 after buying an additional 477,124 shares during the last quarter. Morgan Stanley raised its position in shares of Starbucks by 2.0% in the second quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock valued at $2,301,661,000 after buying an additional 928,175 shares during the last quarter. Magellan Asset Management Ltd raised its position in shares of Starbucks by 5.2% in the second quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock valued at $1,582,355,000 after buying an additional 1,613,187 shares during the last quarter. Polen Capital Management LLC raised its position in shares of Starbucks by 0.5% in the second quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock valued at $600,190,000 after buying an additional 56,588 shares during the last quarter. Finally, Parnassus Investments CA raised its position in shares of Starbucks by 26.8% in the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock valued at $588,767,000 after buying an additional 2,543,697 shares during the last quarter. Institutional investors and hedge funds own 71.90% of the company’s stock.

Shares of SBUX opened at $58.64 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 1.54. Starbucks Co. has a 12-month low of $47.37 and a 12-month high of $61.94. The stock has a market capitalization of $76.68 billion, a P/E ratio of 28.47, a PEG ratio of 1.69 and a beta of 0.60.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 26th. The coffee company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.25 billion. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. Starbucks’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 earnings per share. Equities research analysts anticipate that Starbucks Co. will post 2.4 EPS for the current year.

A number of brokerages have recently commented on SBUX. ValuEngine upgraded shares of Starbucks from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 14th. BMO Capital Markets set a $51.00 target price on shares of Starbucks and gave the company a “hold” rating in a research report on Monday, July 23rd. Bank of America increased their target price on shares of Starbucks from $57.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. Telsey Advisory Group reduced their target price on shares of Starbucks from $60.00 to $58.00 and set a “market perform” rating for the company in a research report on Tuesday, July 17th. Finally, Stephens reduced their target price on shares of Starbucks from $58.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, July 2nd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Starbucks presently has a consensus rating of “Buy” and a consensus price target of $60.48.

In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $52.13, for a total transaction of $781,950.00. Following the completion of the transaction, the director now owns 29,000 shares of the company’s stock, valued at $1,511,770. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Javier G. Teruel sold 166,666 shares of the stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $52.70, for a total transaction of $8,783,298.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 295,832 shares of company stock valued at $15,834,037. 3.48% of the stock is currently owned by insiders.

Starbucks 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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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