Zevenbergen Capital Investments LLC cut its stake in shares of Starbucks (NASDAQ:SBUX) by 22.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,390 shares of the coffee company’s stock after selling 5,234 shares during the quarter. Zevenbergen Capital Investments LLC’s holdings in Starbucks were worth $1,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. Bedel Financial Consulting Inc. bought a new position in Starbucks during the 1st quarter valued at approximately $104,000. Taylor Hoffman Wealth Management bought a new position in Starbucks during the 4th quarter valued at approximately $107,000. Prime Capital Investment Advisors LLC bought a new position in Starbucks during the 4th quarter valued at approximately $113,000. Gradient Investments LLC bought a new position in Starbucks during the 4th quarter valued at approximately $117,000. Finally, Transamerica Financial Advisors Inc. bought a new position in Starbucks during the 1st quarter valued at approximately $118,000. Institutional investors own 72.18% of the company’s stock.
Starbucks opened at $56.21 on Thursday, MarketBeat Ratings reports. Starbucks has a twelve month low of $52.58 and a twelve month high of $61.94. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.09 and a quick ratio of 0.83. The company has a market cap of $77.94 billion, a P/E ratio of 27.29, a P/E/G ratio of 1.62 and a beta of 0.61.
Starbucks declared that its board has authorized a share buyback plan on Thursday, April 26th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the coffee company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 25th. Investors of record on Thursday, May 10th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Wednesday, May 9th. Starbucks’s dividend payout ratio (DPR) is presently 58.25%.
SBUX has been the subject of a number of recent analyst reports. Oppenheimer reaffirmed an “outperform” rating on shares of Starbucks in a research report on Friday, April 27th. Vetr lowered Starbucks from a “buy” rating to a “hold” rating and set a $60.26 price target for the company. in a research report on Monday, March 12th. Wedbush initiated coverage on Starbucks in a research report on Friday, May 25th. They set a “positive” rating and a $57.68 price target for the company. BidaskClub lowered Starbucks from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Zacks Investment Research lowered Starbucks from a “hold” rating to a “sell” rating in a research report on Tuesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eighteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $64.12.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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