Montag & Caldwell LLC Sells 358,640 Shares of Starbucks Co. (NASDAQ:SBUX)

Montag & Caldwell LLC lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 98.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,300 shares of the coffee company’s stock after selling 358,640 shares during the quarter. Montag & Caldwell LLC’s holdings in Starbucks were worth $444,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. FMR LLC boosted its stake in Starbucks by 19.8% during the first quarter. FMR LLC now owns 10,424,208 shares of the coffee company’s stock valued at $774,936,000 after buying an additional 1,720,231 shares during the period. Dimensional Fund Advisors LP boosted its stake in Starbucks by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,100,583 shares of the coffee company’s stock valued at $264,063,000 after buying an additional 20,719 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Starbucks by 162.1% during the second quarter. Robeco Institutional Asset Management B.V. now owns 3,327,726 shares of the coffee company’s stock valued at $278,964,000 after buying an additional 2,058,082 shares during the period. California Public Employees Retirement System boosted its stake in Starbucks by 2.4% during the first quarter. California Public Employees Retirement System now owns 3,141,872 shares of the coffee company’s stock valued at $233,567,000 after buying an additional 72,485 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Starbucks by 12.6% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 3,121,492 shares of the coffee company’s stock valued at $232,052,000 after buying an additional 350,124 shares during the period. Institutional investors own 72.54% of the company’s stock.

In related news, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $76.12, for a total transaction of $759,144.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kevin R. Johnson sold 23,390 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $98.32, for a total value of $2,299,704.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,801 shares of company stock worth $6,301,684. Company insiders own 3.98% of the company’s stock.

Several research firms recently issued reports on SBUX. Cowen set a $93.00 price objective on Starbucks and gave the company a “hold” rating in a research note on Friday, July 26th. Barclays lifted their price objective on Starbucks from $75.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. Wedbush lifted their price objective on Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Robert W. Baird lowered Starbucks from an “outperform” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, Evercore ISI began coverage on Starbucks in a research note on Tuesday, June 11th. They set an “in-line” rating and a $82.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $89.53.

Shares of SBUX traded up $0.42 during trading hours on Thursday, hitting $95.34. The company had a trading volume of 352,340 shares, compared to its average volume of 7,953,828. The firm has a market cap of $113.61 billion, a price-to-earnings ratio of 39.41, a P/E/G ratio of 2.62 and a beta of 0.55. The company’s 50 day moving average is $91.38. Starbucks Co. has a 52-week low of $52.30 and a 52-week high of $99.72.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.06. The firm had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.67 billion. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.62 earnings per share. As a group, equities analysts expect that Starbucks Co. will post 2.82 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be issued a $0.36 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $1.44 annualized dividend and a dividend yield of 1.51%. Starbucks’s dividend payout ratio is currently 59.50%.

About Starbucks

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 beverages, iced tea, 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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