Kayne Anderson Rudnick Investment Management LLC cut its stake in Starbucks Corporation (NASDAQ:SBUX) by 2.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 675,005 shares of the coffee company’s stock after selling 20,431 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Starbucks Corporation were worth $39,414,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC increased its position in shares of Starbucks Corporation by 62.6% in the first quarter. Gradient Investments LLC now owns 1,865 shares of the coffee company’s stock worth $109,000 after buying an additional 718 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Starbucks Corporation by 9.1% in the first quarter. Quadrant Capital Group LLC now owns 2,489 shares of the coffee company’s stock worth $137,000 after buying an additional 207 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new position in shares of Starbucks Corporation during the first quarter worth approximately $140,000. Pinnacle Bank bought a new position in shares of Starbucks Corporation during the first quarter worth approximately $146,000. Finally, Alpha Windward LLC increased its position in shares of Starbucks Corporation by 1.0% in the first quarter. Alpha Windward LLC now owns 2,961 shares of the coffee company’s stock worth $173,000 after buying an additional 30 shares during the last quarter. 69.85% of the stock is currently owned by institutional investors and hedge funds.
Shares of Starbucks Corporation (SBUX) opened at 53.18 on Friday. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87. The firm has a market capitalization of $76.79 billion, a P/E ratio of 26.85 and a beta of 0.80. The company has a 50 day moving average of $57.19 and a 200-day moving average of $58.29.
Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.55. The company had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.76 billion. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.49 earnings per share. Analysts predict that Starbucks Corporation will post $2.07 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Thursday, August 10th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Tuesday, August 8th. Starbucks Corporation’s dividend payout ratio is currently 50.76%.
A number of brokerages recently commented on SBUX. BMO Capital Markets downgraded shares of Starbucks Corporation from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $54.52 to $64.00 in a research report on Wednesday. BidaskClub raised shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded shares of Starbucks Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Cowen and Company reaffirmed an “outperform” rating and set a $63.00 price objective (down from $66.00) on shares of Starbucks Corporation in a research report on Sunday, July 30th. Finally, BTIG Research reaffirmed a “buy” rating and set a $64.00 price objective on shares of Starbucks Corporation in a research report on Sunday, July 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $64.93.
In other Starbucks Corporation news, Director Myron E. Ullman III sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $60.63, for a total value of $606,300.00. Following the transaction, the director now directly owns 24,000 shares of the company’s stock, valued at $1,455,120. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Clifford Burrows sold 114,826 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $59.46, for a total value of $6,827,553.96. Following the completion of the transaction, the insider now directly owns 363,343 shares in the company, valued at $21,604,374.78. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.
About Starbucks Corporation
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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