State Treasurer State of Michigan decreased its stake in Starbucks Corporation (NASDAQ:SBUX) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 475,960 shares of the coffee company’s stock after selling 2,800 shares during the period. State Treasurer State of Michigan’s holdings in Starbucks Corporation were worth $27,753,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Gradient Investments LLC boosted its stake in shares of Starbucks Corporation by 62.6% in the first quarter. Gradient Investments LLC now owns 1,865 shares of the coffee company’s stock valued at $109,000 after buying an additional 718 shares in the last quarter. Jacobi Capital Management LLC boosted its stake in shares of Starbucks Corporation by 2.7% in the first quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock valued at $109,000 after buying an additional 50 shares in the last quarter. IHT Wealth Management LLC boosted its stake in shares of Starbucks Corporation by 10.2% in the first quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after buying an additional 187 shares in the last quarter. TrimTabs Asset Management LLC acquired a new stake in shares of Starbucks Corporation during the first quarter valued at about $122,000. Finally, Kings Point Capital Management boosted its stake in shares of Starbucks Corporation by 22.5% in the first quarter. Kings Point Capital Management now owns 2,310 shares of the coffee company’s stock valued at $135,000 after buying an additional 425 shares in the last quarter. 69.85% of the stock is currently owned by institutional investors and hedge funds.

Shares of Starbucks Corporation (NASDAQ SBUX) traded up 0.388% during midday trading on Monday, hitting $55.655. The company had a trading volume of 2,723,623 shares. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87. The stock’s 50-day moving average price is $58.47 and its 200-day moving average price is $58.49. The company has a market cap of $80.36 billion, a price-to-earnings ratio of 28.094 and a beta of 0.80.

Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.55. The firm had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.76 billion. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.49 EPS. On average, equities research analysts forecast that Starbucks Corporation will post $2.08 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Thursday, August 10th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, August 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.80%. Starbucks Corporation’s payout ratio is currently 50.76%.

COPYRIGHT VIOLATION NOTICE: This story was originally reported by Daily Political and is the sole property of of Daily Political. If you are reading this story on another publication, it was stolen and republished in violation of United States & international trademark & copyright laws. The correct version of this story can be accessed at https://www.dailypolitical.com/2017/08/07/state-treasurer-state-of-michigan-lowers-stake-in-starbucks-corporation-nasdaqsbux.html.

SBUX has been the topic of several research reports. Jefferies Group LLC reissued an “average” rating and set a $65.00 price target on shares of Starbucks Corporation in a research report on Friday, July 28th. UBS AG set a $70.00 price target on shares of Starbucks Corporation and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Zacks Investment Research raised 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 report on Tuesday, April 18th. Vetr cut shares of Starbucks Corporation from a “strong-buy” rating to a “buy” rating and set a $64.50 price target on the stock. in a research report on Tuesday, April 18th. Finally, Stifel Nicolaus raised 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 report on Wednesday, April 19th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-two have assigned a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $64.93.

In related news, Director Myron E. Ullman III sold 10,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 24,000 shares in the company, valued at approximately $1,455,120. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Clifford Burrows sold 114,826 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $59.46, for a total value of $6,827,553.96. Following the transaction, the insider now owns 363,343 shares of the company’s stock, valued at $21,604,374.78. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Corporation (NASDAQ:SBUX).

Institutional Ownership by Quarter for Starbucks Corporation (NASDAQ:SBUX)

Receive News & Ratings for Starbucks Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks Corporation and related companies with MarketBeat.com's FREE daily email newsletter.