Palo Capital Inc. boosted its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,712 shares of the coffee company’s stock after buying an additional 50 shares during the period. Palo Capital Inc.’s holdings in Starbucks Corporation were worth $1,324,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. 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. 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. 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. 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. Finally, Norges Bank acquired a new position in Starbucks Corporation during the fourth quarter valued at about $680,375,000. Institutional investors and hedge funds own 69.85% of the company’s stock.
Starbucks Corporation (NASDAQ:SBUX) last released its earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.55. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same period in the prior year, the firm earned $0.49 EPS. The company’s revenue was up 8.1% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Thursday, August 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Tuesday, August 8th. Starbucks Corporation’s dividend payout ratio is currently 50.76%.
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A number of research analysts have recently weighed in on the company. Stifel Nicolaus set a $66.00 price target on Starbucks Corporation and gave the company a “buy” rating in a research report on Friday, April 28th. UBS AG set a $70.00 price objective on Starbucks Corporation and gave the company a “buy” rating in a research note on Tuesday, April 25th. Wedbush reaffirmed a “hold” rating on shares of Starbucks Corporation in a research note on Friday, July 28th. BTIG Research reaffirmed a “buy” rating and set a $64.00 price objective on shares of Starbucks Corporation in a research note on Sunday, July 30th. Finally, Instinet reissued a “buy” rating and issued a $67.00 price target (down from $70.00) on shares of Starbucks Corporation in a research note on Sunday, July 30th. 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 assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $64.93.
In related news, insider Clifford Burrows sold 114,826 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $59.46, for a total value of $6,827,553.96. Following the completion of the transaction, the insider now directly owns 363,343 shares of the company’s stock, valued at approximately $21,604,374.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Myron E. Ullman III sold 10,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $1,455,120. The disclosure for this sale can be found here. 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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