Epoch Investment Partners Inc. reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 7.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,564,193 shares of the coffee company’s stock after selling 192,466 shares during the period. Epoch Investment Partners Inc. owned approximately 0.19% of Starbucks worth $145,749,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of SBUX. Polen Capital Management LLC boosted its position in shares of Starbucks by 46.8% during the 3rd 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. BlackRock Inc. boosted its position in shares of Starbucks by 6.8% during the 3rd 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. Parnassus Investments CA raised its stake in shares of Starbucks by 26.8% during the 2nd quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after buying an additional 2,543,697 shares during the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Starbucks during the 2nd quarter worth $105,420,000. Finally, Magellan Asset Management Ltd raised its stake in shares of Starbucks by 5.2% during the 2nd quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock worth $1,582,355,000 after buying an additional 1,613,187 shares during the last quarter. Institutional investors own 76.07% of the company’s stock.
In related news, Director Myron E. Ullman III sold 99,166 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $55.05, for a total value of $5,459,088.30. Following the completion of the transaction, the director now owns 29,000 shares of the company’s stock, valued at approximately $1,596,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.40% of the company’s stock.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, November 1st. The coffee company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.02. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The firm had revenue of $6.30 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the previous year, the company posted $0.55 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts expect that Starbucks Co. will post 2.65 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.16%. The ex-dividend date was Wednesday, November 14th. Starbucks’s payout ratio is 59.50%.
SBUX has been the subject of several research reports. Wells Fargo & Co lifted their price target on Starbucks from $60.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 17th. Zacks Investment Research downgraded Starbucks from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. KeyCorp reaffirmed a “buy” rating on shares of Starbucks in a research note on Thursday, October 4th. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 17th. Finally, Argus raised Starbucks from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research note on Monday, November 12th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $65.34.
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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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