Park Place Capital Corp Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Park Place Capital Corp cut its stake in Starbucks Co. (NASDAQ:SBUX) by 20.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,026 shares of the coffee company’s stock after selling 1,588 shares during the period. Park Place Capital Corp’s holdings in Starbucks were worth $551,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Silvia Mccoll Wealth Management LLC purchased a new stake in Starbucks during the first quarter valued at about $239,000. Miracle Mile Advisors LLC raised its stake in shares of Starbucks by 663.9% during the first quarter. Miracle Mile Advisors LLC now owns 52,630 shares of the coffee company’s stock valued at $4,810,000 after acquiring an additional 45,740 shares during the last quarter. BKM Wealth Management LLC raised its stake in shares of Starbucks by 276.3% during the first quarter. BKM Wealth Management LLC now owns 2,145 shares of the coffee company’s stock valued at $196,000 after acquiring an additional 1,575 shares during the last quarter. Aviance Capital Partners LLC bought a new position in Starbucks in the first quarter worth about $330,000. Finally, Mirador Capital Partners LP raised its stake in Starbucks by 7.4% in the first quarter. Mirador Capital Partners LP now owns 2,916 shares of the coffee company’s stock worth $267,000 after buying an additional 200 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The disclosure for this sale can be found here. Insiders have sold a total of 10,750 shares of company stock worth $878,893 in the last three months. Insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

NASDAQ SBUX opened at $77.13 on Tuesday. The firm has a 50 day simple moving average of $79.66 and a 200-day simple moving average of $87.95. The firm has a market cap of $87.37 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 1.70 and a beta of 0.94. Starbucks Co. has a one year low of $71.80 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The company had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period in the previous year, the business posted $0.74 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities analysts predict that Starbucks Co. will post 3.59 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.96%. Starbucks’s dividend payout ratio (DPR) is 62.81%.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of research reports. TD Cowen reissued a “hold” rating and issued a $85.00 price target on shares of Starbucks in a research note on Thursday, June 13th. Wedbush reaffirmed a “neutral” rating and set a $81.00 target price on shares of Starbucks in a research note on Friday. Morgan Stanley decreased their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, April 12th. The Goldman Sachs Group assumed coverage on shares of Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 target price for the company. Finally, Robert W. Baird decreased their target price on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 18th. Seventeen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $94.54.

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.