Gofen & Glossberg LLC IL cut its stake in Starbucks Corporation (NASDAQ:SBUX) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 510,060 shares of the coffee company’s stock after selling 9,068 shares during the period. Starbucks makes up about 1.1% of Gofen & Glossberg LLC IL’s portfolio, making the stock its 23rd biggest holding. Gofen & Glossberg LLC IL’s holdings in Starbucks were worth $29,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Jacobi Capital Management LLC increased its stake in shares of Starbucks by 2.7% in the 1st quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock valued at $109,000 after purchasing an additional 50 shares during the last quarter. IHT Wealth Management LLC increased its stake in shares of Starbucks 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 purchasing an additional 187 shares during the last quarter. Valley National Advisers Inc. increased its stake in shares of Starbucks by 2.8% in the 2nd quarter. Valley National Advisers Inc. now owns 2,089 shares of the coffee company’s stock valued at $122,000 after purchasing an additional 57 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Starbucks in the 2nd quarter valued at $128,000. Finally, Kings Point Capital Management increased its stake in shares of Starbucks 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 purchasing an additional 425 shares during the last quarter. 71.07% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on SBUX shares. Morgan Stanley decreased their price target on Starbucks from $68.00 to $62.00 and set a “weight” rating on the stock in a research note on Tuesday, August 22nd. Cleveland Research lowered Starbucks from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 23rd. Sanford C. Bernstein reiterated an “outperform” rating and issued a $67.00 price target on shares of Starbucks in a research note on Wednesday, August 23rd. Cowen reiterated an “outperform” rating and issued a $63.00 price target on shares of Starbucks in a research note on Thursday, August 24th. Finally, Wedbush upgraded Starbucks from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $57.00 to $60.00 in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $63.26.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 EPS for the quarter, meeting analysts’ consensus estimates of $0.55. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the previous year, the company posted $0.56 EPS. The business’s revenue was down .2% on a year-over-year basis. equities research analysts expect that Starbucks Corporation will post 2.31 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Thursday, November 16th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.25. Starbucks’s payout ratio is 60.91%.
In other Starbucks news, SVP Paul Mutty sold 3,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $56.95, for a total value of $170,850.00. Following the sale, the senior vice president now owns 10,438 shares in the company, valued at approximately $594,444.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joshua Cooper Ramo sold 60,000 shares of the company’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $59.43, for a total value of $3,565,800.00. The disclosure for this sale can be found here. Insiders sold a total of 497,808 shares of company stock worth $28,559,521 in the last quarter. Corporate insiders own 3.40% of the company’s stock.
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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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