Castleark Management LLC trimmed its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 9.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 197,756 shares of the coffee company’s stock after selling 20,970 shares during the period. Castleark Management LLC’s holdings in Starbucks were worth $11,531,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Intellectus Partners LLC increased its holdings in shares of Starbucks by 12.3% in the second quarter. Intellectus Partners LLC now owns 12,871 shares of the coffee company’s stock valued at $751,000 after purchasing an additional 1,412 shares during the last quarter. Scotia Capital Inc. increased its holdings in shares of Starbucks by 14.8% in the second quarter. Scotia Capital Inc. now owns 481,596 shares of the coffee company’s stock valued at $28,079,000 after purchasing an additional 61,993 shares during the last quarter. Nomura Holdings Inc. increased its holdings in shares of Starbucks by 1,272.6% in the second quarter. Nomura Holdings Inc. now owns 244,426 shares of the coffee company’s stock valued at $14,295,000 after purchasing an additional 265,271 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Starbucks by 32.2% in the second quarter. Bank of Nova Scotia now owns 1,113,161 shares of the coffee company’s stock valued at $64,908,000 after purchasing an additional 270,933 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Starbucks by 13.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 332,878 shares of the coffee company’s stock valued at $19,410,000 after purchasing an additional 38,811 shares during the last quarter. Institutional investors and hedge funds own 71.07% of the company’s stock.
Several equities analysts have commented on the stock. Vetr downgraded shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $62.86 price objective on the stock. in a report on Monday, November 27th. Robert W. Baird decreased their price objective on shares of Starbucks from $70.00 to $66.00 and set an “outperform” rating on the stock in a report on Friday, November 3rd. Zacks Investment Research downgraded shares of Starbucks from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Mizuho restated a “buy” rating and issued a $75.00 price target on shares of Starbucks in a research note on Friday, September 29th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $67.00 price target on shares of Starbucks in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $63.26.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. Starbucks had a net margin of 12.89% and a return on equity of 53.34%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the prior year, the business posted $0.56 earnings per share. Starbucks’s revenue was down .2% compared to the same quarter last year. analysts expect that Starbucks Corporation will post 2.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Thursday, November 16th were given a dividend of $0.30 per share. This is a boost from Starbucks’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, November 15th. This represents a $1.20 annualized dividend and a yield of 2.03%. Starbucks’s dividend payout ratio is currently 60.91%.
In related news, insider Howard D. Schultz sold 290,176 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $57.03, for a total transaction of $16,548,737.28. Following the completion of the sale, the insider now owns 29,872,564 shares of the company’s stock, valued at $1,703,632,324.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Javier G. Teruel sold 62,966 shares of the company’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $57.61, for a total transaction of $3,627,471.26. The disclosure for this sale can be found here. Insiders have sold 497,808 shares of company stock valued at $28,559,521 in the last ninety days. 3.40% of the stock is currently owned by company insiders.
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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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