Envestnet Asset Management Inc. trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 6.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 861,052 shares of the coffee company’s stock after selling 58,891 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Starbucks worth $46,249,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Starbucks by 2.1% in the second quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock worth $5,505,491,000 after buying an additional 1,953,003 shares in the last quarter. Capital World Investors lifted its stake in shares of Starbucks by 2.0% in the second quarter. Capital World Investors now owns 45,458,682 shares of the coffee company’s stock worth $2,650,696,000 after buying an additional 895,432 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Starbucks by 5.2% in the second quarter. Northern Trust Corp now owns 21,452,905 shares of the coffee company’s stock worth $1,250,919,000 after buying an additional 1,060,298 shares in the last quarter. Ameriprise Financial Inc. increased its position in Starbucks by 12.8% during the second quarter. Ameriprise Financial Inc. now owns 15,980,105 shares of the coffee company’s stock worth $931,909,000 after purchasing an additional 1,809,166 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Starbucks by 3,076.5% during the second quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock worth $809,917,000 after purchasing an additional 13,452,551 shares during the last quarter. 71.92% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the stock. Credit Suisse Group cut their price objective on shares of Starbucks from $56.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. Goldman Sachs Group cut shares of Starbucks from a “conviction-buy” rating to a “buy” rating and cut their price objective for the stock from $73.00 to $68.00 in a research report on Friday, January 26th. BTIG Research restated a “buy” rating and set a $64.00 price objective on shares of Starbucks in a research report on Friday, January 26th. OTR Global upgraded shares of Starbucks to a “positive” rating in a research report on Thursday, October 26th. Finally, BMO Capital Markets cut their price objective on shares of Starbucks from $56.00 to $52.00 and set a “market perform” rating for the company in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-two have issued a buy rating to the company. Starbucks has a consensus rating of “Buy” and an average target price of $64.63.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, January 25th. The coffee company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. Starbucks had a net margin of 19.28% and a return on equity of 56.35%. The company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. research analysts expect that Starbucks Co. will post 2.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Thursday, February 8th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, February 7th. This represents a $1.20 dividend on an annualized basis and a yield of 2.12%. Starbucks’s dividend payout ratio is currently 40.27%.
In related news, Director Craig Weatherup sold 56,666 shares of Starbucks stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $56.73, for a total value of $3,214,662.18. Following the completion of the transaction, the director now owns 56,666 shares in the company, valued at $3,214,662.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Myron E. Ullman III sold 25,000 shares of Starbucks stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.52, for a total transaction of $1,363,000.00. Following the completion of the transaction, the director now owns 39,000 shares of the company’s stock, valued at approximately $2,126,280. The disclosure for this sale can be found here. Insiders sold 329,492 shares of company stock valued at $18,859,801 in the last quarter. 3.40% of the stock is owned by insiders.
Starbucks 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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