Sage Mountain Advisors LLC Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Sage Mountain Advisors LLC trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 12.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,688 shares of the coffee company’s stock after selling 1,229 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Starbucks were worth $676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SBUX. Cox Capital Mgt LLC lifted 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 acquiring an additional 13,372 shares during the last quarter. Summa Corp. purchased a new position in Starbucks during the 4th quarter valued at about $384,000. Brevan Howard Capital Management LP purchased a new position in Starbucks during the 4th quarter valued at about $2,781,000. FFT Wealth Management LLC purchased a new position in Starbucks during the 4th quarter valued at about $209,000. Finally, Sanibel Captiva Trust Company Inc. purchased a new position in Starbucks during the 4th quarter valued at about $31,246,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Performance

NASDAQ SBUX opened at $94.57 on Friday. The company has a market capitalization of $107.17 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 2.26 and a beta of 0.94. The business’s fifty day moving average is $81.06 and its 200 day moving average is $83.91. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

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

Starbucks Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.57 per share. The ex-dividend date was Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.41%. Starbucks’s dividend payout ratio is presently 62.81%.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated 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 directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated 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 sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. The disclosure for this sale can be found here. Insiders have sold a total of 9,790 shares of company stock valued at $865,514 over the last ninety days. 1.98% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Bank of America boosted their price target on Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 10th. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and upped their target price for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. BMO Capital Markets reduced their target price on Starbucks from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Wedbush reiterated a “neutral” rating and set a $80.00 target price on shares of Starbucks in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.21.

Starbucks 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.