Smead Capital Management Inc. Trims Stake in Starbucks Corporation (SBUX)
Smead Capital Management Inc. trimmed its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 373,808 shares of the coffee company’s stock after selling 9,020 shares during the period. Starbucks Corporation comprises about 1.1% of Smead Capital Management Inc.’s holdings, making the stock its 27th biggest position. Smead Capital Management Inc.’s holdings in Starbucks Corporation were worth $21,797,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of SBUX. Jacobi Capital Management LLC lifted its position in shares of Starbucks Corporation by 2.7% during the 1st quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock valued at $109,000 after acquiring an additional 50 shares during the period. Gradient Investments LLC lifted its position in shares of Starbucks Corporation by 2.5% during the 2nd quarter. Gradient Investments LLC now owns 1,911 shares of the coffee company’s stock valued at $111,000 after acquiring an additional 46 shares during the period. Sharkey Howes & Javer lifted its position in shares of Starbucks Corporation by 8.5% during the 2nd quarter. Sharkey Howes & Javer now owns 1,924 shares of the coffee company’s stock valued at $112,000 after acquiring an additional 150 shares during the period. IHT Wealth Management LLC lifted its position in shares of Starbucks Corporation by 10.2% during the 1st quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after acquiring an additional 187 shares during the period. Finally, TrimTabs Asset Management LLC acquired a new stake in shares of Starbucks Corporation during the 1st quarter valued at approximately $122,000. Institutional investors own 70.99% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. Vetr downgraded shares of Starbucks Corporation from a “buy” rating to a “hold” rating and set a $65.15 price target for the company. in a research report on Thursday, May 25th. Mizuho initiated coverage on Starbucks Corporation in a research report on Thursday, June 8th. They set a “buy” rating and a $75.00 price objective for the company. Sanford C. Bernstein restated a “buy” rating and set a $67.00 price objective on shares of Starbucks Corporation in a research report on Monday, June 12th. Royal Bank Of Canada restated an “outperform” rating and set a $66.00 price objective on shares of Starbucks Corporation in a research report on Tuesday, June 13th. Finally, Wedbush downgraded Starbucks Corporation from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $61.00 to $65.00 in a research report on Wednesday, June 14th. They noted that the move was a valuation call. Thirteen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $64.64.
Starbucks Corporation (SBUX) opened at 54.67 on Friday. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87. The stock has a market capitalization of $78.94 billion, a PE ratio of 27.60 and a beta of 0.78. The firm has a 50-day moving average of $54.15 and a 200-day moving average of $57.87.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.55. The business had revenue of $5.66 billion for 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%. Starbucks Corporation’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.49 EPS. On average, equities analysts expect that Starbucks Corporation will post $2.07 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Thursday, August 10th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.83%. Starbucks Corporation’s payout ratio is presently 50.76%.
In related news, insider John Culver sold 64,776 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $53.54, for a total value of $3,468,107.04. Following the transaction, the insider now directly owns 390,341 shares in the company, valued at approximately $20,898,857.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jorgen Vig Knudstorp bought 18,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was purchased at an average price of $55.30 per share, for a total transaction of $995,400.00. Following the completion of the purchase, the director now directly owns 18,000 shares in the company, valued at approximately $995,400. The disclosure for this purchase can be found here. Company insiders own 3.40% of the company’s stock.
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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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