Norway Savings Bank boosted its position in Starbucks Corporation (NASDAQ:SBUX) by 1.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 6,650 shares of the coffee company’s stock after buying an additional 125 shares during the period. Norway Savings Bank’s holdings in Starbucks Corporation were worth $388,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Magellan Asset Management Ltd boosted its position in Starbucks Corporation by 3,809,645.9% in the first quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock valued at $1,090,000,000 after buying an additional 18,667,265 shares during the last quarter. Norges Bank bought a new position in Starbucks Corporation during the fourth quarter valued at approximately $680,375,000. Ameriprise Financial Inc. boosted its position in Starbucks Corporation by 32.9% in the first quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after buying an additional 3,511,080 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Starbucks Corporation by 7.8% in the first quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock valued at $1,796,675,000 after buying an additional 2,234,324 shares during the last quarter. Finally, State Street Corp boosted its position in Starbucks Corporation by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after buying an additional 1,598,669 shares during the last quarter. Institutional investors and hedge funds own 69.65% of the company’s stock.
Starbucks Corporation (NASDAQ:SBUX) traded down 9.24% during midday trading on Friday, hitting $54.00. The stock had a trading volume of 53,454,789 shares. The stock has a market cap of $78.59 billion, a P/E ratio of 27.26 and a beta of 0.82. Starbucks Corporation has a 52 week low of $50.84 and a 52 week high of $64.87. The company has a 50-day moving average price of $58.89 and a 200-day moving average price of $58.54.
Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. Starbucks Corporation had a return on equity of 53.01% and a net margin of 12.93%. The firm had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. Equities analysts expect that Starbucks Corporation will post $2.10 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Thursday, August 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. Starbucks Corporation’s payout ratio is currently 50.76%.
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SBUX has been the subject of several research analyst reports. Jefferies Group LLC reiterated an “average” rating and set a $65.00 target price on shares of Starbucks Corporation in a research note on Friday. Zacks Investment Research upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Tuesday, April 18th. Vetr cut shares of Starbucks Corporation from a “strong-buy” rating to a “buy” rating and set a $64.50 price objective for the company. in a research note on Tuesday, April 18th. Stifel Nicolaus upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and increased their price objective for the company from $60.00 to $67.00 in a research note on Wednesday, April 19th. They noted that the move was a valuation call. Finally, BMO Capital Markets restated a “buy” rating and issued a $62.00 price objective on shares of Starbucks Corporation in a research note on Tuesday, April 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have assigned a buy rating and three have issued a strong buy rating to the stock. Starbucks Corporation has an average rating of “Buy” and an average target price of $65.19.
In other Starbucks Corporation news, Director Myron E. Ullman III sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $60.63, for a total transaction of $606,300.00. Following the completion of the sale, the director now owns 24,000 shares of the company’s stock, valued at $1,455,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Myron E. Ullman III sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $60.43, for a total value of $1,208,600.00. Following the sale, the director now directly owns 34,000 shares of the company’s stock, valued at approximately $2,054,620. The disclosure for this sale can be found here. Insiders sold 144,826 shares of company stock valued at $8,642,454 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.
About Starbucks Corporation
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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