BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 20.7% in the third quarter, Holdings Channel reports. The institutional investor owned 939,824 shares of the coffee company’s stock after selling 245,967 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Starbucks were worth $53,420,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Archford Capital Strategies LLC raised its stake in shares of Starbucks by 669.7% during the 2nd quarter. Archford Capital Strategies LLC now owns 2,186 shares of the coffee company’s stock valued at $107,000 after buying an additional 1,902 shares during the last quarter. Polaris Greystone Financial Group LLC purchased a new position in shares of Starbucks during the 3rd quarter valued at about $107,000. Fort L.P. purchased a new position in shares of Starbucks during the 2nd quarter valued at about $112,000. Point72 Hong Kong Ltd purchased a new position in shares of Starbucks during the 2nd quarter valued at about $115,000. Finally, RPg Family Wealth Advisory LLC raised its stake in shares of Starbucks by 155.6% during the 2nd quarter. RPg Family Wealth Advisory LLC now owns 2,748 shares of the coffee company’s stock valued at $134,000 after buying an additional 1,673 shares during the last quarter. Institutional investors and hedge funds own 76.07% of the company’s stock.
In other Starbucks news, Director Myron E. Ullman III sold 99,166 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total transaction of $5,459,088.30. Following the completion of the sale, the director now directly owns 29,000 shares in the company, valued at approximately $1,596,450. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.48% of the stock is currently owned by insiders.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The company had revenue of $6.30 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the business earned $0.55 EPS. Starbucks’s quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts forecast that Starbucks Co. will post 2.65 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Thursday, November 15th were paid a dividend of $0.36 per share. The ex-dividend date was Wednesday, November 14th. This represents a $1.44 annualized dividend and a yield of 2.13%. Starbucks’s dividend payout ratio (DPR) is currently 59.50%.
A number of equities analysts have weighed in on SBUX shares. Bank of America lifted their price objective on Starbucks from $57.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, October 10th. BidaskClub upgraded Starbucks from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. KeyCorp restated a “buy” rating on shares of Starbucks in a research note on Thursday, October 4th. ValuEngine upgraded Starbucks from a “hold” rating to a “buy” rating in a research note on Friday, October 26th. Finally, UBS Group set a $72.00 price target on Starbucks and gave the company a “buy” rating in a research note on Friday, November 2nd. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Starbucks has an average rating of “Buy” and an average target price of $65.34.
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Starbucks Company Profile
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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