AGF Management Ltd. Sells 34,595 Shares of Starbucks Co. (NASDAQ:SBUX)

AGF Management Ltd. reduced its stake in Starbucks Co. (NASDAQ:SBUXFree Report) by 78.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,726 shares of the coffee company’s stock after selling 34,595 shares during the quarter. AGF Management Ltd.’s holdings in Starbucks were worth $934,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Marest Capital LLC acquired a new stake in Starbucks in the 4th quarter worth approximately $313,000. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Starbucks by 6.4% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 72,951 shares of the coffee company’s stock worth $7,004,000 after buying an additional 4,374 shares during the last quarter. Buckingham Capital Management Inc. lifted its holdings in shares of Starbucks by 18.0% during the fourth quarter. Buckingham Capital Management Inc. now owns 16,390 shares of the coffee company’s stock worth $1,574,000 after buying an additional 2,498 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Starbucks by 19.7% during the fourth quarter. Teacher Retirement System of Texas now owns 327,672 shares of the coffee company’s stock worth $31,460,000 after buying an additional 53,906 shares during the last quarter. Finally, Northwest Financial Advisors acquired a new position in shares of Starbucks during the fourth quarter worth approximately $161,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the transaction, the chief executive officer now 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 available at this hyperlink. Insiders have sold 4,000 shares of company stock valued at $346,140 over the last 90 days. 1.98% of the stock is owned by company insiders.

Starbucks Stock Performance

Shares of SBUX stock opened at $75.70 on Thursday. The stock’s fifty day moving average is $86.27 and its 200-day moving average is $92.90. The stock has a market capitalization of $85.75 billion, a PE ratio of 20.78, a PEG ratio of 1.64 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.80 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUXGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period last year, the company earned $0.74 EPS. The company’s revenue was down 1.8% compared to the same quarter last year. As a group, analysts forecast that Starbucks Co. will post 3.63 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SBUX. Morgan Stanley cut their price target on Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 target price on shares of Starbucks in a research note on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft lowered Starbucks from a “buy” rating to a “hold” rating and cut their target price for the company from $108.00 to $89.00 in a research note on Wednesday, May 1st. DZ Bank lowered Starbucks from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a research note on Friday, May 3rd. Finally, Robert W. Baird cut their target price on Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 18th. Seventeen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $96.43.

Read Our Latest Analysis on SBUX

About Starbucks

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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