Suntrust Banks Inc. lifted its position in Starbucks Co. (NASDAQ:SBUX) by 4.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 204,346 shares of the coffee company’s stock after buying an additional 9,124 shares during the quarter. Suntrust Banks Inc.’s holdings in Starbucks were worth $11,828,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Ledyard National Bank lifted its holdings in shares of Starbucks by 2.3% in the fourth quarter. Ledyard National Bank now owns 135,394 shares of the coffee company’s stock worth $7,775,000 after buying an additional 3,025 shares in the last quarter. MAI Capital Management lifted its holdings in shares of Starbucks by 4.5% in the fourth quarter. MAI Capital Management now owns 21,389 shares of the coffee company’s stock worth $1,228,000 after buying an additional 912 shares in the last quarter. Trust Co. of Vermont lifted its holdings in shares of Starbucks by 11.1% in the fourth quarter. Trust Co. of Vermont now owns 135,585 shares of the coffee company’s stock worth $7,787,000 after buying an additional 13,566 shares in the last quarter. Monetta Financial Services Inc. purchased a new stake in shares of Starbucks in the fourth quarter worth about $1,317,000. Finally, United Bank lifted its holdings in shares of Starbucks by 5.0% in the fourth quarter. United Bank now owns 23,149 shares of the coffee company’s stock worth $1,329,000 after buying an additional 1,112 shares in the last quarter. 71.99% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Starbucks stock opened at $51.24 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.83 and a debt-to-equity ratio of 1.31. Starbucks Co. has a 52-week low of $50.36 and a 52-week high of $61.94. The company has a market capitalization of $69.86 billion, a PE ratio of 22.20, a PEG ratio of 1.50 and a beta of 0.61.
Starbucks declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 26th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the coffee company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Thursday, August 9th will be issued a $0.36 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Wednesday, August 8th. This represents a $1.44 annualized dividend and a dividend yield of 2.81%. Starbucks’s dividend payout ratio (DPR) is currently 58.25%.
A number of equities research analysts have recently issued reports on the stock. Cowen downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $68.00 to $65.00 in a report on Friday, April 13th. Wedbush reaffirmed a “hold” rating and issued a $58.00 target price on shares of Starbucks in a research note on Friday, April 27th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Starbucks in a research note on Friday, April 27th. UBS Group set a $66.00 target price on shares of Starbucks and gave the company a “buy” rating in a research note on Thursday, March 15th. Finally, Zacks Investment Research raised shares of Starbucks from a “sell” rating to a “hold” rating in a research note on Friday, April 20th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fifteen have assigned a buy rating to the company. Starbucks currently has a consensus rating of “Hold” and an average price target of $61.94.
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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