Sanders Morris Harris LLC acquired a new position in shares of Starbucks Co. (NASDAQ:SBUX) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 79,800 shares of the coffee company’s stock, valued at approximately $4,286,000. Starbucks accounts for about 1.8% of Sanders Morris Harris LLC’s investment portfolio, making the stock its 12th largest holding.
Other institutional investors also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Starbucks by 12.5% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 92,401 shares of the coffee company’s stock worth $5,388,000 after purchasing an additional 10,250 shares during the period. Geneva Advisors LLC grew its stake in shares of Starbucks by 2.3% during the second quarter. Geneva Advisors LLC now owns 2,750,639 shares of the coffee company’s stock worth $160,390,000 after purchasing an additional 63,041 shares during the period. Private Vista LLC grew its stake in shares of Starbucks by 3,334.9% during the second quarter. Private Vista LLC now owns 219,699 shares of the coffee company’s stock worth $160,000 after purchasing an additional 213,303 shares during the period. Welch Group LLC bought a new position in Starbucks during the second quarter worth about $406,000. Finally, TrimTabs Asset Management LLC lifted its holdings in Starbucks by 104.9% during the second quarter. TrimTabs Asset Management LLC now owns 4,296 shares of the coffee company’s stock worth $250,000 after acquiring an additional 2,199 shares in the last quarter. 70.67% of the stock is owned by institutional investors and hedge funds.
Shares of Starbucks Co. (NASDAQ SBUX) opened at $57.73 on Thursday. The company has a market capitalization of $82,140.00, a PE ratio of 28.03, a PEG ratio of 1.59 and a beta of 0.76. Starbucks Co. has a twelve month low of $52.58 and a twelve month high of $64.87. The company has a quick ratio of 0.93, a current ratio of 1.25 and a debt-to-equity ratio of 0.72.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 16th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.08%. This is a positive change from Starbucks’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, November 15th. Starbucks’s payout ratio is 60.91%.
Several research analysts have weighed in on SBUX shares. Cowen reiterated a “buy” rating and set a $63.00 target price on shares of Starbucks in a report on Friday, September 1st. Mizuho reiterated a “buy” rating and set a $75.00 target price on shares of Starbucks in a report on Friday, September 29th. Deutsche Bank reiterated a “buy” rating and set a $67.00 target price on shares of Starbucks in a report on Monday, October 9th. Piper Jaffray Companies set a $70.00 target price on Starbucks and gave the stock a “buy” rating in a report on Wednesday, October 11th. Finally, Vetr lowered Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 target price on the stock. in a report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $63.26.
In related news, Director Craig Weatherup sold 56,666 shares of Starbucks stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $56.73, for a total value of $3,214,662.18. Following the sale, the director now owns 56,666 shares of the company’s stock, valued at $3,214,662.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joshua Cooper Ramo sold 60,000 shares of Starbucks stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $59.43, for a total value of $3,565,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 497,808 shares of company stock worth $28,559,521. Corporate insiders own 3.40% of the company’s stock.
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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