Eastern Bank Decreases Holdings in Starbucks Corporation (SBUX)

Eastern Bank trimmed its position in Starbucks Corporation (NASDAQ:SBUX) by 0.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,987 shares of the coffee company’s stock after selling 177 shares during the quarter. Eastern Bank’s holdings in Starbucks Corporation were worth $12,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Regent Investment Management LLC grew its holdings in Starbucks Corporation by 6.8% in the 2nd quarter. Regent Investment Management LLC now owns 4,683 shares of the coffee company’s stock valued at $273,000 after buying an additional 300 shares in the last quarter. Cape Cod Five Cents Savings Bank grew its holdings in Starbucks Corporation by 16.9% in the 2nd quarter. Cape Cod Five Cents Savings Bank now owns 31,902 shares of the coffee company’s stock valued at $1,861,000 after buying an additional 4,616 shares in the last quarter. Appropriate Balance Financial Services Inc. grew its holdings in Starbucks Corporation by 1.6% in the 2nd quarter. Appropriate Balance Financial Services Inc. now owns 839 shares of the coffee company’s stock valued at $14,396,000 after buying an additional 13 shares in the last quarter. Zevin Asset Management LLC grew its holdings in Starbucks Corporation by 1.0% in the 1st quarter. Zevin Asset Management LLC now owns 61,924 shares of the coffee company’s stock valued at $3,616,000 after buying an additional 625 shares in the last quarter. Finally, Sawtooth Solutions LLC grew its holdings in Starbucks Corporation by 60.1% in the 1st quarter. Sawtooth Solutions LLC now owns 18,346 shares of the coffee company’s stock valued at $1,071,000 after buying an additional 6,884 shares in the last quarter. 70.99% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Corporation (NASDAQ SBUX) opened at 53.54 on Wednesday. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87. The company has a market capitalization of $77.31 billion, a P/E ratio of 27.03 and a beta of 0.78. The stock’s 50 day moving average price is $54.64 and its 200-day moving average price is $57.96.

Starbucks Corporation (NASDAQ:SBUX) last released its earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting 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 during the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the previous year, the company posted $0.49 EPS. Starbucks Corporation’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities research analysts predict 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 given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Tuesday, August 8th. Starbucks Corporation’s payout ratio is 50.76%.

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In other Starbucks Corporation news, Director Jorgen Vig Knudstorp purchased 18,000 shares of the stock in a transaction on Friday, August 4th. The stock was acquired at an average price of $55.30 per share, with a total value of $995,400.00. Following the transaction, the director now directly owns 18,000 shares of the company’s stock, valued at approximately $995,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Culver sold 64,776 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $53.54, for a total value of $3,468,107.04. Following the transaction, the insider now directly owns 390,341 shares of the company’s stock, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

SBUX has been the topic of a number of research reports. Cowen and Company reaffirmed a “buy” rating and issued a $63.00 price objective on shares of Starbucks Corporation in a report on Friday, September 1st. Zacks Investment Research raised Starbucks Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. UBS AG set a $67.00 price objective on Starbucks Corporation and gave the company a “buy” rating in a report on Friday, July 28th. Jefferies Group LLC reaffirmed an “average” rating and issued a $65.00 price objective on shares of Starbucks Corporation in a report on Friday, July 28th. Finally, Guggenheim lowered Starbucks Corporation from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Twelve research 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 company’s stock. The stock has a consensus rating of “Buy” and an average 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.

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

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