Patten Group Inc. decreased its stake in Starbucks Corporation (NASDAQ:SBUX) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,133 shares of the coffee company’s stock after selling 288 shares during the period. Patten Group Inc.’s holdings in Starbucks Corporation were worth $1,168,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Gradient Investments LLC increased its stake 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 period. Stillwater Investment Management LLC increased its stake in shares of Starbucks Corporation by 0.4% in the first quarter. Stillwater Investment Management LLC now owns 40,404 shares of the coffee company’s stock worth $2,359,000 after buying an additional 176 shares during the period. Carroll Financial Associates Inc. increased its stake in shares of Starbucks Corporation by 17.4% in the first quarter. Carroll Financial Associates Inc. now owns 5,523 shares of the coffee company’s stock worth $322,000 after buying an additional 818 shares during the period. National Pension Service increased its stake in shares of Starbucks Corporation by 6.1% in the first quarter. National Pension Service now owns 1,065,644 shares of the coffee company’s stock worth $61,978,000 after buying an additional 61,471 shares during the period. Finally, Quadrant Capital Group LLC increased its stake 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 period. 69.98% of the stock is owned by institutional investors and hedge funds.
Shares of Starbucks Corporation (NASDAQ:SBUX) traded down 0.02% on Thursday, hitting $53.49. 1,563,937 shares of the stock traded hands. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The stock has a 50 day moving average of $56.66 and a 200-day moving average of $58.19. The stock has a market cap of $77.23 billion, a PE ratio of 27.00 and a beta of 0.80.
Starbucks Corporation (NASDAQ:SBUX) last announced its earnings results on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The business had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.76 billion. During the same period in the prior year, the business posted $0.49 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. On average, equities research analysts expect that Starbucks Corporation will post $2.07 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Thursday, August 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Tuesday, August 8th. Starbucks Corporation’s payout ratio is presently 50.76%.
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A number of brokerages have weighed in on SBUX. Wedbush reissued a “neutral” rating and issued a $60.00 price target (down from $65.00) on shares of Starbucks Corporation in a report on Saturday, July 22nd. Stifel Nicolaus raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $60.00 to $67.00 in a report on Wednesday, April 19th. They noted that the move was a valuation call. Vetr raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $65.47 price target for the company in a report on Thursday, June 8th. BidaskClub raised shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, KeyCorp began coverage on shares of Starbucks Corporation in a report on Thursday, June 22nd. They issued an “overweight” rating and a $68.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $64.93.
In related news, Director Jorgen Vig Knudstorp bought 18,000 shares of Starbucks Corporation stock in a transaction that occurred on Friday, August 4th. The shares were acquired at an average cost of $55.30 per share, for a total transaction of $995,400.00. Following the completion of the acquisition, the director now directly owns 18,000 shares of the company’s stock, valued at approximately $995,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Myron E. Ullman III sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total value of $606,300.00. Following the completion of the sale, the director now owns 24,000 shares in the company, valued at $1,455,120. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
Starbucks Corporation Company Profile
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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