Northstar Asset Management LLC lowered its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,758 shares of the coffee company’s stock after selling 3,399 shares during the period. Starbucks Corporation makes up approximately 1.3% of Northstar Asset Management LLC’s investment portfolio, making the stock its 20th largest position. Northstar Asset Management LLC’s holdings in Starbucks Corporation were worth $2,960,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Union Bankshares Corp purchased a new stake in shares of Starbucks Corporation during the first quarter valued at approximately $204,000. Koshinski Asset Management Inc. increased its stake in shares of Starbucks Corporation by 36.1% in the first quarter. Koshinski Asset Management Inc. now owns 5,211 shares of the coffee company’s stock valued at $304,000 after buying an additional 1,383 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Starbucks Corporation by 9.1% in the first quarter. Quadrant Capital Group LLC now owns 2,489 shares of the coffee company’s stock valued at $137,000 after buying an additional 207 shares during the period. National Pension Service increased its stake in shares of Starbucks Corporation by 6.1% in the first quarter. National Pension Service now owns 1,065,644 shares of the coffee company’s stock valued at $61,978,000 after buying an additional 61,471 shares during the period. Finally, Carroll Financial Associates Inc. increased its stake in shares of Starbucks Corporation by 17.4% in the first quarter. Carroll Financial Associates Inc. now owns 5,523 shares of the coffee company’s stock valued at $322,000 after buying an additional 818 shares during the period. 69.98% of the stock is owned by institutional investors and hedge funds.
Shares of Starbucks Corporation (NASDAQ SBUX) traded up 1.110% during mid-day trading on Monday, reaching $53.285. 7,373,392 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $56.32 and its 200-day moving average is $58.13. The stock has a market cap of $76.94 billion, a price-to-earnings ratio of 26.898 and a beta of 0.80. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last issued its earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.55. The business had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.49 EPS. On average, equities analysts expect that Starbucks Corporation will post $2.07 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Thursday, August 10th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, August 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Starbucks Corporation’s dividend payout ratio (DPR) is presently 50.76%.
SBUX has been the subject of several research analyst reports. Jefferies Group LLC restated a “buy” rating and issued a $65.00 price target on shares of Starbucks Corporation in a research report on Friday, May 12th. UBS AG set a $67.00 price target on shares of Starbucks Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Guggenheim downgraded shares of Starbucks Corporation from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Piper Jaffray Companies restated a “buy” rating and issued a $70.00 price target on shares of Starbucks Corporation in a research report on Friday, July 14th. Finally, Vetr downgraded shares of Starbucks Corporation from a “buy” rating to a “hold” rating and set a $63.91 price target for the company. in a research report on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $64.93.
In related news, Director Myron E. Ullman III sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total transaction of $606,300.00. Following the completion of the sale, the director now owns 24,000 shares of the company’s stock, valued at approximately $1,455,120. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jorgen Vig Knudstorp acquired 18,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were acquired at an average cost of $55.30 per share, with a total value of $995,400.00. Following the transaction, the director now owns 18,000 shares in the company, valued at $995,400. The disclosure for this purchase can be found here. 3.40% of the stock is owned by corporate insiders.
About Starbucks Corporation
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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