Traynor Capital Management Inc. Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Traynor Capital Management Inc. cut its position in shares of Starbucks Co. (NASDAQ:SBUX) by 8.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,370 shares of the coffee company’s stock after selling 572 shares during the period. Traynor Capital Management Inc.’s holdings in Starbucks were worth $582,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SBUX. AdvisorNet Financial Inc boosted its position in Starbucks by 45.5% in the 1st quarter. AdvisorNet Financial Inc now owns 2,024 shares of the coffee company’s stock valued at $185,000 after buying an additional 633 shares during the period. FCF Advisors LLC boosted its position in Starbucks by 11.9% in the 1st quarter. FCF Advisors LLC now owns 16,526 shares of the coffee company’s stock valued at $1,510,000 after buying an additional 1,752 shares during the period. City Holding Co. boosted its position in Starbucks by 14.3% in the 1st quarter. City Holding Co. now owns 17,141 shares of the coffee company’s stock valued at $1,566,000 after buying an additional 2,143 shares during the period. Fort Pitt Capital Group LLC purchased a new stake in Starbucks in the 1st quarter valued at about $73,084,000. Finally, Compton Wealth Advisory Group LLC boosted its position in Starbucks by 2.4% in the 1st quarter. Compton Wealth Advisory Group LLC now owns 14,589 shares of the coffee company’s stock valued at $1,333,000 after buying an additional 346 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

SBUX stock opened at $79.73 on Tuesday. The firm’s fifty day simple moving average is $80.28 and its 200-day simple moving average is $88.48. The company has a market capitalization of $90.31 billion, a P/E ratio of 21.96, a price-to-earnings-growth ratio of 1.74 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.80 and a 12 month high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same period last year, the company earned $0.74 earnings per share. As a group, sell-side analysts forecast that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Analyst Ratings Changes

SBUX has been the subject of several recent research reports. Morgan Stanley reduced their price target on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, April 12th. DZ Bank lowered shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a report on Friday, May 3rd. Jefferies Financial Group reduced their price target on shares of Starbucks from $94.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, May 1st. Bank of America boosted their price target on shares of Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 10th. Finally, Wedbush reduced their price target on shares of Starbucks from $95.00 to $92.00 and set a “neutral” rating for the company in a report on Friday, April 26th. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $95.00.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the sale, 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. Over the last three months, insiders have sold 10,750 shares of company stock valued at $878,893. Corporate insiders own 1.98% of the company’s stock.

About Starbucks

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.