Atlanta Capital Group Has $2,792,000 Stake in Starbucks Corporation (SBUX)
Atlanta Capital Group lowered its stake in Starbucks Corporation (NASDAQ:SBUX) by 30.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,568 shares of the coffee company’s stock after selling 22,128 shares during the period. Atlanta Capital Group’s holdings in Starbucks Corporation were worth $2,792,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in Starbucks Corporation by 136.4% in the third quarter. Ameriprise Financial Inc. now owns 10,310,495 shares of the coffee company’s stock valued at $558,015,000 after buying an additional 5,949,819 shares in the last quarter. Bank of Montreal Can purchased a new position in Starbucks Corporation during the second quarter valued at approximately $204,254,000. Vontobel Asset Management Inc. increased its position in Starbucks Corporation by 744.1% in the third quarter. Vontobel Asset Management Inc. now owns 3,517,590 shares of the coffee company’s stock valued at $196,385,000 after buying an additional 3,100,871 shares in the last quarter. Neuberger Berman Group LLC increased its position in Starbucks Corporation by 433.2% in the third quarter. Neuberger Berman Group LLC now owns 3,316,604 shares of the coffee company’s stock valued at $179,561,000 after buying an additional 2,694,557 shares in the last quarter. Finally, Capital World Investors increased its position in Starbucks Corporation by 8.1% in the second quarter. Capital World Investors now owns 26,626,026 shares of the coffee company’s stock valued at $1,520,879,000 after buying an additional 2,000,107 shares in the last quarter. 67.44% of the stock is currently owned by institutional investors.
Starbucks Corporation (NASDAQ:SBUX) traded down 0.22% during trading on Friday, reaching $57.90. The company had a trading volume of 2,889,463 shares. The firm has a market capitalization of $84.27 billion, a P/E ratio of 30.47 and a beta of 0.79. Starbucks Corporation has a one year low of $50.84 and a one year high of $61.78. The firm’s 50-day moving average price is $57.38 and its 200 day moving average price is $55.67.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, November 3rd. The coffee company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.01. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.68 billion. Starbucks Corporation had a return on equity of 49.88% and a net margin of 13.22%. The company’s revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 EPS. Equities analysts forecast that Starbucks Corporation will post $2.14 earnings per share for the current fiscal year.
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Several equities analysts have commented on SBUX shares. dropped their target price on Starbucks Corporation from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, September 28th. RBC Capital Markets dropped their target price on Starbucks Corporation from $68.00 to $64.00 and set an “outperform” rating for the company in a research report on Wednesday, October 19th. Deutsche Bank AG dropped their target price on Starbucks Corporation from $67.00 to $59.00 and set a “hold” rating for the company in a research report on Tuesday, November 1st. Edward Jones upgraded Starbucks Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, December 6th. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $58.00 target price on shares of Starbucks Corporation in a research report on Tuesday, November 1st. Seven research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $63.89.
In related news, insider John Culver sold 168,814 shares of the firm’s stock in a transaction on Monday, December 12th. The stock was sold at an average price of $58.65, for a total value of $9,900,941.10. Following the transaction, the insider now directly owns 478,446 shares of the company’s stock, valued at approximately $28,060,857.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Clifford Burrows sold 80,000 shares of the firm’s stock in a transaction on Thursday, December 8th. The stock was sold at an average price of $58.88, for a total value of $4,710,400.00. Following the completion of the transaction, the insider now directly owns 248,517 shares in the company, valued at $14,632,680.96. The disclosure for this sale can be found here. 3.38% of the stock is owned by corporate insiders.
About Starbucks Corporation
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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