Virtu Financial LLC reduced its position in Starbucks Co. (NASDAQ:SBUX) by 81.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,305 shares of the coffee company’s stock after selling 69,939 shares during the quarter. Virtu Financial LLC’s holdings in Starbucks were worth $926,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Starbucks by 6.8% in the third quarter. BlackRock Inc. now owns 90,368,884 shares of the coffee company’s stock worth $5,136,569,000 after purchasing an additional 5,714,419 shares in the last quarter. Morgan Stanley raised its holdings in Starbucks by 2.0% in the second quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock worth $2,301,661,000 after purchasing an additional 928,175 shares in the last quarter. Magellan Asset Management Ltd raised its holdings in Starbucks by 5.2% in the second quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock worth $1,582,355,000 after purchasing an additional 1,613,187 shares in the last quarter. Polen Capital Management LLC raised its holdings in Starbucks by 46.8% in the third quarter. Polen Capital Management LLC now owns 18,035,326 shares of the coffee company’s stock worth $1,025,128,000 after purchasing an additional 5,748,941 shares in the last quarter. Finally, Parnassus Investments CA raised its holdings in Starbucks by 26.8% in the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after purchasing an additional 2,543,697 shares in the last quarter. Hedge funds and other institutional investors own 76.07% of the company’s stock.
SBUX has been the topic of a number of research analyst reports. Bank of America boosted their price target on Starbucks from $57.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, October 10th. Royal Bank of Canada boosted their price target on Starbucks to $68.00 and gave the stock a “positive” rating in a research note on Friday, November 2nd. Piper Jaffray Companies lowered Starbucks from an “overweight” rating to a “neutral” rating and set a $72.00 price target on the stock. in a research note on Tuesday, August 21st. BidaskClub lowered Starbucks from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 2nd. Finally, Jefferies Financial Group restated a “buy” rating and set a $66.00 price target on shares of Starbucks 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 given a buy rating and one has issued a strong buy rating to the company’s stock. Starbucks has an average rating of “Buy” and a consensus target price of $65.34.
Shares of NASDAQ SBUX opened at $67.50 on Tuesday. The company has a market capitalization of $82.77 billion, a P/E ratio of 27.89, a PEG ratio of 1.87 and a beta of 0.51. Starbucks Co. has a 52 week low of $47.37 and a 52 week high of $68.98. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.95 and a current ratio of 2.20.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. Starbucks’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.55 earnings per share. Sell-side analysts predict that Starbucks Co. will post 2.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were given a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $1.44 dividend on an annualized basis and a yield of 2.13%. Starbucks’s dividend payout ratio is currently 59.50%.
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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