Western Wealth Management LLC Reduces Stock Position in Starbucks Co. (NASDAQ:SBUX)

Western Wealth Management LLC cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,052 shares of the coffee company’s stock after selling 1,150 shares during the period. Western Wealth Management LLC’s holdings in Starbucks were worth $1,328,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Donald L. Hagan LLC boosted its stake in Starbucks by 19.1% in the 2nd quarter. Donald L. Hagan LLC now owns 13,180 shares of the coffee company’s stock worth $1,026,000 after purchasing an additional 2,110 shares during the period. Raymond James & Associates lifted its holdings in shares of Starbucks by 8.4% in the second quarter. Raymond James & Associates now owns 1,610,740 shares of the coffee company’s stock worth $125,396,000 after buying an additional 125,273 shares in the last quarter. Signet Investment Advisory Group Inc. boosted its position in shares of Starbucks by 12.3% in the second quarter. Signet Investment Advisory Group Inc. now owns 22,847 shares of the coffee company’s stock valued at $1,779,000 after acquiring an additional 2,495 shares during the period. Marietta Wealth Management LLC grew its stake in Starbucks by 11.1% during the second quarter. Marietta Wealth Management LLC now owns 75,653 shares of the coffee company’s stock valued at $5,890,000 after acquiring an additional 7,540 shares in the last quarter. Finally, Boomfish Wealth Group LLC increased its holdings in Starbucks by 11.8% during the 2nd quarter. Boomfish Wealth Group LLC now owns 15,343 shares of the coffee company’s stock worth $1,194,000 after acquiring an additional 1,618 shares during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 sale, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold a total of 10,540 shares of company stock valued at $879,291 over the last three months. 1.98% of the stock is owned by company insiders.

Starbucks Price Performance

NASDAQ SBUX traded down $1.65 during trading on Monday, hitting $93.16. 3,304,001 shares of the company’s stock traded hands, compared to its average volume of 12,007,440. The stock has a fifty day moving average of $78.23 and a two-hundred day moving average of $83.86. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66. The firm has a market cap of $105.52 billion, a P/E ratio of 26.12, a PEG ratio of 2.25 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last issued 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. 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 during the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the prior year, the business posted $1.00 EPS. Starbucks’s quarterly revenue was down .6% compared to the same quarter last year. As a group, analysts expect that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

Starbucks Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on SBUX shares. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and raised their price target for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Morgan Stanley reissued an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a research note on Wednesday, July 31st. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. UBS Group lowered their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. dropped their price target on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Twelve 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.79.

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.