Gareth Morgan Investments Limited Partnership Cuts Stake in Starbucks Corporation (NASDAQ:SBUX)
Gareth Morgan Investments Limited Partnership cut its position in Starbucks Corporation (NASDAQ:SBUX) by 19.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 102,547 shares of the coffee company’s stock after selling 25,370 shares during the period. Gareth Morgan Investments Limited Partnership’s holdings in Starbucks Corporation were worth $5,988,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of SBUX. Gradient Investments LLC increased its position in Starbucks Corporation by 62.6% in the first quarter. Gradient Investments LLC now owns 1,865 shares of the coffee company’s stock worth $109,000 after buying an additional 718 shares during the period. TrimTabs Asset Management LLC bought a new position in Starbucks Corporation during the first quarter worth $122,000. Kings Point Capital Management increased its position in Starbucks Corporation by 22.5% in the first quarter. Kings Point Capital Management now owns 2,310 shares of the coffee company’s stock worth $135,000 after buying an additional 425 shares during the period. Quadrant Capital Group LLC increased its position in Starbucks Corporation by 9.1% in the first quarter. Quadrant Capital Group LLC now owns 2,489 shares of the coffee company’s stock worth $137,000 after buying an additional 207 shares during the period. Finally, Signature Estate & Investment Advisors LLC bought a new position in Starbucks Corporation during the first quarter worth $140,000. 69.85% of the stock is currently owned by institutional investors and hedge funds.
Shares of Starbucks Corporation (NASDAQ SBUX) traded up 0.21% on Friday, reaching $53.18. 9,235,033 shares of the company’s stock were exchanged. The company has a market cap of $76.79 billion, a price-to-earnings ratio of 26.85 and a beta of 0.80. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87. The firm’s 50-day moving average price is $57.19 and its 200 day moving average price is $58.29.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. The business had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.49 EPS. Equities research analysts predict that Starbucks Corporation will post $2.07 EPS for the current fiscal 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 $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.88%. The ex-dividend date is Tuesday, August 8th. Starbucks Corporation’s payout ratio is 50.76%.
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A number of equities analysts have recently weighed in on the stock. Wedbush reaffirmed a “neutral” rating and issued a $60.00 price target (down from $65.00) on shares of Starbucks Corporation in a research note on Saturday, July 22nd. Stifel Nicolaus raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and upped 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 raised 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. BidaskClub raised shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, 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 note on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $64.93.
In related news, Director Myron E. Ullman III sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total value of $606,300.00. Following the completion of the transaction, the director now owns 24,000 shares of the company’s stock, valued at approximately $1,455,120. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp acquired 18,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was bought at an average cost of $55.30 per share, with a total value of $995,400.00. Following the purchase, the director now owns 18,000 shares in the company, valued at $995,400. The disclosure for this purchase 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.
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