PNC Financial Services Group Inc. lifted its stake in Starbucks Corporation (NASDAQ:SBUX) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 798,463 shares of the coffee company’s stock after purchasing an additional 5,387 shares during the quarter. PNC Financial Services Group Inc. owned 0.06% of Starbucks Corporation worth $46,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of SBUX. State Street Corp raised its position in Starbucks Corporation by 2.7% in the 1st quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock worth $3,551,445,000 after buying an additional 1,598,669 shares during the last quarter. Magellan Asset Management Ltd raised its position in Starbucks Corporation by 3,809,645.9% in the 1st quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock worth $1,090,000,000 after buying an additional 18,667,265 shares during the last quarter. Ameriprise Financial Inc. raised its position in Starbucks Corporation by 12.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 15,980,105 shares of the coffee company’s stock worth $931,909,000 after buying an additional 1,809,166 shares during the last quarter. Polen Capital Management LLC raised its position in Starbucks Corporation by 8.3% in the 2nd quarter. Polen Capital Management LLC now owns 11,335,091 shares of the coffee company’s stock worth $660,949,000 after buying an additional 870,373 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Starbucks Corporation by 3.4% in the 2nd quarter. Legal & General Group Plc now owns 6,985,177 shares of the coffee company’s stock worth $407,320,000 after buying an additional 229,758 shares during the last quarter. 71.49% of the stock is owned by hedge funds and other institutional investors.
In other Starbucks Corporation news, insider John Culver sold 64,776 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $53.54, for a total value of $3,468,107.04. Following the sale, the insider now owns 390,341 shares in the company, valued at $20,898,857.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Paul Mutty sold 3,000 shares of the stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $56.95, for a total value of $170,850.00. Following the completion of the sale, the senior vice president now owns 10,438 shares in the company, valued at approximately $594,444.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 443,884 shares of company stock worth $25,041,780. Insiders own 3.40% of the company’s stock.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. Starbucks Corporation had a return on equity of 53.34% and a net margin of 12.89%. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the prior year, the firm posted $0.56 EPS. Starbucks Corporation’s quarterly revenue was down .2% compared to the same quarter last year. equities analysts forecast that Starbucks Corporation will post 2.31 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Thursday, November 16th will be paid a $0.30 dividend. This is a positive change from Starbucks Corporation’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.10%. Starbucks Corporation’s dividend payout ratio (DPR) is presently 60.91%.
A number of brokerages have weighed in on SBUX. Vetr raised Starbucks Corporation from a “buy” rating to a “strong-buy” rating and set a $64.05 target price for the company in a research report on Tuesday. UBS AG set a $64.00 target price on Starbucks Corporation and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Morgan Stanley boosted their target price on Starbucks Corporation from $62.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, November 10th. Credit Suisse Group reissued a “buy” rating on shares of Starbucks Corporation in a research report on Monday, November 6th. Finally, Deutsche Bank AG decreased their target price on Starbucks Corporation to $62.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Twelve equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. Starbucks Corporation presently has an average rating of “Buy” and a consensus price target of $63.31.
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Starbucks Corporation 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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