Asset Dedication LLC reduced its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 12.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,460 shares of the coffee company’s stock after selling 357 shares during the period. Asset Dedication LLC’s holdings in Starbucks Corporation were worth $141,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Gradient Investments LLC raised its stake in Starbucks Corporation by 62.6% in the first quarter. Gradient Investments LLC now owns 1,865 shares of the coffee company’s stock valued at $109,000 after buying an additional 718 shares in the last quarter. Jacobi Capital Management LLC raised its stake in Starbucks Corporation by 2.7% in the first quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock valued at $109,000 after buying an additional 50 shares in the last quarter. IHT Wealth Management LLC raised its stake in Starbucks Corporation by 10.2% in the first quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after buying an additional 187 shares in the last quarter. TrimTabs Asset Management LLC acquired a new stake in Starbucks Corporation during the first quarter valued at approximately $122,000. Finally, Kings Point Capital Management raised its stake in Starbucks Corporation by 22.5% in the first quarter. Kings Point Capital Management now owns 2,310 shares of the coffee company’s stock valued at $135,000 after buying an additional 425 shares in the last quarter. Institutional investors and hedge funds own 69.55% of the company’s stock.
Shares of Starbucks Corporation (NASDAQ SBUX) opened at 57.98 on Friday. The stock has a market cap of $83.96 billion, a P/E ratio of 28.67 and a beta of 0.82. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The company’s 50-day moving average is $59.94 and its 200 day moving average is $58.51.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, April 27th. The coffee company reported $0.45 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.45. Starbucks Corporation had a net margin of 13.47% and a return on equity of 51.65%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same period in the previous year, the company earned $0.39 earnings per share. Starbucks Corporation’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts anticipate that Starbucks Corporation will post $2.10 EPS for the current year.
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Several research firms have recently commented on SBUX. Deutsche Bank AG reiterated a “hold” rating and issued a $59.00 price target on shares of Starbucks Corporation in a research report on Tuesday, April 11th. Wedbush reiterated a “neutral” rating and issued a $60.00 price target (down from $65.00) on shares of Starbucks Corporation in a research report on Saturday. Stifel Nicolaus upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and increased their price target for the company from $60.00 to $67.00 in a research report on Wednesday, April 19th. They noted that the move was a valuation call. Vetr upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $65.47 price target on the stock in a research report on Thursday, June 8th. Finally, Zacks Investment Research upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Tuesday, April 18th. Eight investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.48.
In related news, insider Clifford Burrows sold 114,826 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $59.46, for a total transaction of $6,827,553.96. Following the completion of the transaction, the insider now directly owns 363,343 shares in the company, valued at approximately $21,604,374.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Myron E. Ullman III sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total transaction of $606,300.00. Following the transaction, the director now owns 24,000 shares of the company’s stock, valued at $1,455,120. The disclosure for this sale can be found here. Insiders sold 144,826 shares of company stock valued at $8,642,454 over the last 90 days. 3.40% of the stock is owned by corporate insiders.
Starbucks Corporation 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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