Starbucks Corp. (SBUX) Sees Strong Trading Volume
Shares of Starbucks Corp. (NASDAQ:SBUX) saw strong trading volume on Wednesday . 8,555,543 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 7,964,571 shares.The stock last traded at $57.32 and had previously closed at $56.40.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Starbucks Corp. from a “buy” rating to a “hold” rating in a research report on Monday, June 27th. Deutsche Bank AG set a $64.00 target price on shares of Starbucks Corp. and gave the company a “hold” rating in a research report on Sunday, July 24th. Robert W. Baird reaffirmed an “outperform” rating on shares of Starbucks Corp. in a research note on Tuesday, June 28th. Goldman Sachs Group Inc. boosted their price target on Starbucks Corp. from $69.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 4th. Finally, Nomura reaffirmed a “buy” rating on shares of Starbucks Corp. in a research note on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $66.53.
The firm has a 50-day moving average price of $56.59 and a 200 day moving average price of $57.12. The stock has a market cap of $83.73 billion and a P/E ratio of 32.07.
Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 21st. The coffee company reported $0.49 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.49. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. On average, equities research analysts predict that Starbucks Corp. will post $1.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Thursday, August 4th were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.40%.
In other Starbucks Corp. news, Director William W. Bradley sold 12,654 shares of Starbucks Corp. stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $55.34, for a total value of $700,272.36. Following the transaction, the director now directly owns 57,417 shares of the company’s stock, valued at approximately $3,177,456.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Myron E. Ullman III sold 20,000 shares of Starbucks Corp. stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $55.46, for a total value of $1,109,200.00. Following the completion of the transaction, the director now directly owns 34,000 shares in the company, valued at $1,885,640. The disclosure for this sale can be found here.
A number of institutional investors recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. bought a new position in shares of Starbucks Corp. during the fourth quarter worth approximately $1,033,000. Edgewood Management LLC boosted its position in shares of Starbucks Corp. by 4.6% in the fourth quarter. Edgewood Management LLC now owns 26,265 shares of the coffee company’s stock worth $1,577,000 after buying an additional 1,146 shares during the period. Hodges Capital Management Inc. boosted its position in shares of Starbucks Corp. by 4.0% in the fourth quarter. Hodges Capital Management Inc. now owns 32,577 shares of the coffee company’s stock worth $1,956,000 after buying an additional 1,261 shares during the period. Girard Partners LTD. boosted its position in shares of Starbucks Corp. by 4.5% in the fourth quarter. Girard Partners LTD. now owns 32,864 shares of the coffee company’s stock worth $1,973,000 after buying an additional 1,404 shares during the period. Finally, Genesee Valley Trust Co. boosted its position in shares of Starbucks Corp. by 4.0% in the fourth quarter. Genesee Valley Trust Co. now owns 33,099 shares of the coffee company’s stock worth $1,987,000 after buying an additional 1,275 shares during the period.
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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