Alps Advisors Inc. purchased a new stake in Starbucks (NASDAQ:SBUX) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 9,534 shares of the coffee company’s stock, valued at approximately $552,000.
Several other large investors have also added to or reduced their stakes in the business. Magellan Asset Management Ltd grew its position in Starbucks by 18.1% during the 4th quarter. Magellan Asset Management Ltd now owns 30,912,781 shares of the coffee company’s stock worth $1,775,321,000 after acquiring an additional 4,744,675 shares during the last quarter. Capital International Investors raised its stake in Starbucks by 28.3% during the third quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock valued at $1,142,386,000 after buying an additional 4,696,452 shares during the last quarter. Harding Loevner LP purchased a new position in Starbucks during the third quarter valued at $128,044,000. Lazard Asset Management LLC raised its stake in shares of Starbucks by 300.6% in the fourth quarter. Lazard Asset Management LLC now owns 4,051,366 shares of the coffee company’s stock worth $232,669,000 after purchasing an additional 3,040,030 shares during the last quarter. Finally, Atlantic Trust Group LLC raised its stake in shares of Starbucks by 1,244.8% in the third quarter. Atlantic Trust Group LLC now owns 2,440,293 shares of the coffee company’s stock worth $131,068,000 after purchasing an additional 2,258,828 shares during the last quarter. 74.78% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Craig Weatherup sold 59,838 shares of the stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $60.10, for a total transaction of $3,596,263.80. Following the completion of the sale, the director now owns 26,500 shares in the company, valued at approximately $1,592,650. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.40% of the company’s stock.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, April 26th. The coffee company reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Starbucks had a return on equity of 60.33% and a net margin of 18.71%. The firm had revenue of $6.03 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. equities research analysts expect that Starbucks will post 2.49 EPS for the current year.
Starbucks announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 26th that allows the company to buyback 0 shares. This buyback authorization allows the coffee company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Stockholders of record on Thursday, May 10th will be issued a dividend of $0.30 per share. The ex-dividend date is Wednesday, May 9th. This represents a $1.20 annualized dividend and a dividend yield of 2.10%. Starbucks’s dividend payout ratio is presently 58.25%.
SBUX has been the subject of several recent analyst reports. Goldman Sachs cut Starbucks from a “conviction-buy” rating to a “buy” rating and decreased their price target for the stock from $73.00 to $68.00 in a research note on Friday, January 26th. William Blair reaffirmed an “outperform” rating on shares of Starbucks in a report on Friday, January 26th. Vetr lowered Starbucks from a “strong-buy” rating to a “buy” rating and set a $62.03 price objective for the company. in a report on Wednesday, February 14th. Wedbush reissued a “buy” rating and set a $70.00 price target on shares of Starbucks in a report on Monday, January 22nd. They noted that the move was a valuation call. Finally, Deutsche Bank restated a “buy” rating and issued a $63.00 price objective on shares of Starbucks in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have given a buy rating to the company’s stock. Starbucks has a consensus rating of “Buy” and a consensus target price of $64.25.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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