Shell Asset Management Co. Reduces Position in Starbucks Corporation (SBUX)
Shell Asset Management Co. decreased its position in Starbucks Corporation (NASDAQ:SBUX) by 7.3% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 192,754 shares of the coffee company’s stock after selling 15,078 shares during the period. Shell Asset Management Co.’s holdings in Starbucks Corporation were worth $10,436,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Starbucks Corporation by 0.8% in the second quarter. Vanguard Group Inc. now owns 86,325,173 shares of the coffee company’s stock worth $4,930,894,000 after buying an additional 715,837 shares during the last quarter. Capital World Investors increased its position in shares of Starbucks Corporation by 8.1% in the second quarter. Capital World Investors now owns 26,626,026 shares of the coffee company’s stock worth $1,520,879,000 after buying an additional 2,000,107 shares during the period. Janus Capital Management LLC increased its position in shares of Starbucks Corporation by 8.7% in the second quarter. Janus Capital Management LLC now owns 21,122,832 shares of the coffee company’s stock worth $1,206,513,000 after buying an additional 1,691,400 shares during the period. BlackRock Group LTD increased its position in shares of Starbucks Corporation by 1.7% in the second quarter. BlackRock Group LTD now owns 12,722,311 shares of the coffee company’s stock worth $726,698,000 after buying an additional 216,480 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Starbucks Corporation by 8.8% in the second quarter. Alliancebernstein L.P. now owns 12,179,597 shares of the coffee company’s stock worth $695,699,000 after buying an additional 983,157 shares during the period. 67.44% of the stock is owned by institutional investors.
Shares of Starbucks Corporation (NASDAQ:SBUX) opened at 57.85 on Friday. The company has a 50-day moving average price of $57.38 and a 200 day moving average price of $55.67. Starbucks Corporation has a one year low of $50.84 and a one year high of $61.78. The company has a market capitalization of $84.19 billion, a price-to-earnings ratio of 30.45 and a beta of 0.79.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, November 3rd. The coffee company reported $0.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.01. The firm earned $5.71 billion during the quarter, compared to analysts’ expectations of $5.68 billion. Starbucks Corporation had a net margin of 13.22% and a return on equity of 49.88%. Starbucks Corporation’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.43 earnings per share. On average, analysts forecast that Starbucks Corporation will post $2.14 EPS for the current fiscal year.
SBUX has been the subject of a number of analyst reports. cut their target price on Starbucks Corporation from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday, September 28th. RBC Capital Markets dropped their price objective on Starbucks Corporation from $68.00 to $64.00 and set an “outperform” rating for the company in a research note on Wednesday, October 19th. Deutsche Bank AG dropped their price objective on Starbucks Corporation from $67.00 to $59.00 and set a “hold” rating for the company in a research note on Tuesday, November 1st. Edward Jones raised Starbucks Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, December 6th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $58.00 price objective on shares of Starbucks Corporation in a research note on Tuesday, November 1st. Seven equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. Starbucks Corporation currently has an average rating of “Buy” and a consensus price target of $63.89.
In other Starbucks Corporation news, insider John Culver sold 168,814 shares of the company’s stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $58.65, for a total transaction of $9,900,941.10. Following the completion of the sale, the insider now directly owns 478,446 shares in the company, valued at $28,060,857.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clifford Burrows sold 80,000 shares of the company’s stock in a transaction dated Thursday, December 8th. The shares were sold at an average price of $58.88, for a total transaction of $4,710,400.00. Following the sale, the insider now owns 248,517 shares of the company’s stock, valued at $14,632,680.96. The disclosure for this sale can be found here. Company insiders own 3.38% of the company’s stock.
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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