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.
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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.
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