Myron E. Ullman III Sells 10,000 Shares of Starbucks Corporation (SBUX) Stock
Starbucks Corporation (NASDAQ:SBUX) Director Myron E. Ullman III sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total transaction of $606,300.00. Following the completion of the transaction, the director now owns 24,000 shares in the company, valued at approximately $1,455,120. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of Starbucks Corporation (SBUX) opened at 60.7634 on Tuesday. The company’s 50 day moving average is $61.51 and its 200-day moving average is $58.36. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87. The firm has a market cap of $87.99 billion, a PE ratio of 30.0511 and a beta of 0.76.
Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, April 27th. The coffee company reported $0.45 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. Starbucks Corporation had a net margin of 13.47% and a return on equity of 51.65%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. Starbucks Corporation’s revenue was up 7.3% compared to the same quarter last year. Equities research analysts predict that Starbucks Corporation will post $2.10 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 26th. Investors of record on Thursday, May 11th were given a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 9th. This represents a $1.00 annualized dividend and a yield of 1.64%. Starbucks Corporation’s dividend payout ratio is 49.75%.
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Several brokerages have recently commented on SBUX. Deutsche Bank AG restated a “hold” rating and set a $59.00 price target on shares of Starbucks Corporation in a research note on Tuesday, April 11th. Stifel Nicolaus upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and increased their price target for the stock from $60.00 to $67.00 in a research note on Wednesday, April 19th. They noted that the move was a valuation call. Vetr upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $65.47 price target on the stock in a research note on Thursday, June 8th. Zacks Investment Research upgraded shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Tuesday, April 18th. Finally, Wedbush restated an “outperform” rating and set a $65.00 price target on shares of Starbucks Corporation in a research note on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $65.15.
A number of large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Starbucks Corporation by 2,743.4% in the first quarter. BlackRock Inc. now owns 85,255,361 shares of the coffee company’s stock worth $4,978,059,000 after buying an additional 82,256,964 shares during the period. 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 worth $1,090,000,000 after buying an additional 18,667,265 shares during the period. Norges Bank bought a new position in Starbucks Corporation during the fourth quarter worth approximately $680,375,000. Massachusetts Financial Services Co. MA boosted its position in Starbucks Corporation by 58.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,032,304 shares of the coffee company’s stock worth $702,567,000 after buying an additional 4,415,861 shares during the period. Finally, Morgan Stanley boosted its position in Starbucks Corporation by 22.6% in the first quarter. Morgan Stanley now owns 21,978,679 shares of the coffee company’s stock worth $1,283,335,000 after buying an additional 4,046,898 shares during the period. 71.12% of the stock is owned by institutional investors and hedge funds.
About Starbucks Corporation
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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