Starbucks Corporation (SBUX) Shares Bought by Covington Capital Management

Covington Capital Management raised its holdings in Starbucks Corporation (NASDAQ:SBUX) by 14.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,104 shares of the coffee company’s stock after acquiring an additional 9,202 shares during the quarter. Covington Capital Management’s holdings in Starbucks Corporation were worth $4,327,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. IHT Wealth Management LLC grew its position in Starbucks Corporation by 10.2% in the 1st quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after acquiring an additional 187 shares during the last quarter. TrimTabs Asset Management LLC bought a new position in Starbucks Corporation in the 1st quarter valued at $122,000. Kings Point Capital Management grew its position in Starbucks Corporation by 22.5% in the 1st quarter. Kings Point Capital Management now owns 2,310 shares of the coffee company’s stock valued at $135,000 after acquiring an additional 425 shares during the last quarter. Signature Estate & Investment Advisors LLC bought a new position in Starbucks Corporation in the 1st quarter valued at $140,000. Finally, Hanson McClain Inc. grew its position in Starbucks Corporation by 21.2% in the 1st quarter. Hanson McClain Inc. now owns 2,989 shares of the coffee company’s stock valued at $175,000 after acquiring an additional 523 shares during the last quarter. 70.99% of the stock is currently owned by institutional investors.

TRADEMARK VIOLATION WARNING: “Starbucks Corporation (SBUX) Shares Bought by Covington Capital Management” was originally posted by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this piece on another domain, it was stolen and republished in violation of United States and international copyright laws. The correct version of this piece can be viewed at https://sportsperspectives.com/2017/09/11/starbucks-corporation-sbux-shares-bought-by-covington-capital-management.html.

In other Starbucks Corporation news, Director Myron E. Ullman III sold 10,000 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $60.63, for a total transaction of $606,300.00. Following the transaction, the director now owns 24,000 shares of the company’s stock, valued at approximately $1,455,120. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of Starbucks Corporation stock in a transaction on Friday, August 4th. The shares were acquired at an average cost of $55.30 per share, for a total transaction of $995,400.00. Following the purchase, the director now owns 18,000 shares in the company, valued at $995,400. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company’s stock.

Starbucks Corporation (SBUX) traded up 0.82% during trading on Monday, hitting $53.93. The stock had a trading volume of 4,045,150 shares. Starbucks Corporation has a 12-month low of $50.84 and a 12-month high of $64.87. The stock’s 50 day moving average price is $54.65 and its 200 day moving average price is $57.99. The firm has a market cap of $77.87 billion, a P/E ratio of 27.22 and a beta of 0.78.

Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.55. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The company had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the prior year, the company posted $0.49 EPS. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, analysts anticipate that Starbucks Corporation will post $2.07 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Thursday, August 10th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date was Tuesday, August 8th. Starbucks Corporation’s dividend payout ratio is presently 50.76%.

Several equities analysts have commented on the company. Wedbush reaffirmed a “neutral” rating and issued a $60.00 price objective (down previously from $65.00) on shares of Starbucks Corporation in a research report on Saturday, July 22nd. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Starbucks Corporation in a research report on Wednesday, August 23rd. Vetr raised Starbucks Corporation from a “hold” rating to a “buy” rating and set a $65.47 price objective on the stock in a research report on Thursday, June 8th. BidaskClub raised Starbucks Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Cleveland Research downgraded Starbucks Corporation from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 23rd. Twelve investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and three have issued a strong buy rating to the stock. Starbucks Corporation presently has an average rating of “Buy” and a consensus price target of $64.64.

Starbucks Corporation Company Profile

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.

Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Corporation (NASDAQ:SBUX).

Institutional Ownership by Quarter for Starbucks Corporation (NASDAQ:SBUX)

Receive News & Ratings for Starbucks Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply