Starbucks Corporation (NASDAQ:SBUX) Shares Sold by Ithaka Group LLC

Ithaka Group LLC cut its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 366,534 shares of the coffee company’s stock after selling 30,338 shares during the period. Starbucks Corporation makes up 4.1% of Ithaka Group LLC’s holdings, making the stock its 10th largest position. Ithaka Group LLC’s holdings in Starbucks Corporation were worth $21,402,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Gradient Investments LLC boosted 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 during the period. TrimTabs Asset Management LLC purchased a new stake in Starbucks Corporation during the first quarter valued at $122,000. Quadrant Capital Group LLC boosted its stake in Starbucks Corporation by 9.1% in the first quarter. Quadrant Capital Group LLC now owns 2,489 shares of the coffee company’s stock valued at $137,000 after buying an additional 207 shares during the period. Signature Estate & Investment Advisors LLC purchased a new stake in Starbucks Corporation during the first quarter valued at $140,000. Finally, Pinnacle Bank purchased a new stake in Starbucks Corporation during the first quarter valued at $146,000. 69.59% of the stock is owned by institutional investors and hedge funds.

Shares of Starbucks Corporation (NASDAQ:SBUX) opened at 55.68 on Friday. Starbucks Corporation has a 52 week low of $50.84 and a 52 week high of $64.87. The company’s 50-day moving average is $58.47 and its 200 day moving average is $58.49. The firm has a market capitalization of $80.40 billion, a price-to-earnings ratio of 28.11 and a beta of 0.80.

Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. The firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. Analysts anticipate that Starbucks Corporation will post $2.08 EPS for the current fiscal year.

The business also recently declared 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. The ex-dividend date is Tuesday, August 8th. This represents a $1.00 annualized dividend and a yield of 1.80%. Starbucks Corporation’s dividend payout ratio is presently 50.76%.

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Several research firms have recently weighed in on SBUX. Deutsche Bank AG reissued a “hold” rating and issued a $59.00 price target on shares of Starbucks Corporation in a research note on Tuesday, April 11th. Wedbush reissued a “neutral” rating and issued a $60.00 price target (down previously from $65.00) on shares of Starbucks Corporation in a research note on Saturday, July 22nd. Stifel Nicolaus raised 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 note on Wednesday, April 19th. They noted that the move was a valuation call. Vetr raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $65.47 price target for the company in a research note on Thursday, June 8th. Finally, BidaskClub raised shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have issued a buy rating and three have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $64.93.

In related news, 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 value of $606,300.00. Following the sale, the director now directly 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 available at this hyperlink. Also, 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 sale, the insider now directly owns 363,343 shares in the company, valued at $21,604,374.78. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

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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