Kornitzer Capital Management Inc. KS trimmed its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 1.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,630 shares of the coffee company’s stock after selling 1,550 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Starbucks Corporation were worth $8,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Magellan Asset Management Ltd raised its stake in shares of Starbucks Corporation by 3,809,645.9% in the 1st quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock valued at $1,090,000,000 after acquiring an additional 18,667,265 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Starbucks Corporation by 32.9% in the 1st quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after acquiring an additional 3,511,080 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Starbucks Corporation by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock valued at $1,796,675,000 after acquiring an additional 2,234,324 shares in the last quarter. State Street Corp raised its stake in shares of Starbucks Corporation by 2.7% in the 1st quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after acquiring an additional 1,598,669 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Starbucks Corporation by 24.0% in the 1st quarter. Swiss National Bank now owns 5,681,144 shares of the coffee company’s stock valued at $331,722,000 after acquiring an additional 1,099,100 shares in the last quarter. Institutional investors and hedge funds own 70.82% of the company’s stock.

A number of research analysts recently weighed in on SBUX shares. Cowen and Company reissued a “buy” rating and issued a $63.00 price objective on shares of Starbucks Corporation in a research note on Friday, September 1st. Zacks Investment Research raised Starbucks Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. UBS AG set a $67.00 price objective on Starbucks Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Jefferies Group LLC reissued an “average” rating and issued a $65.00 price objective on shares of Starbucks Corporation in a research note on Friday, July 28th. Finally, Guggenheim downgraded Starbucks Corporation from a “buy” rating to a “neutral” rating in a research note on Friday, July 28th. Thirteen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. Starbucks Corporation has an average rating of “Buy” and an average target price of $64.64.

Starbucks Corporation (NASDAQ SBUX) opened at 54.69 on Tuesday. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The firm has a market cap of $78.97 billion, a price-to-earnings ratio of 27.61 and a beta of 0.78. The firm has a 50-day moving average price of $54.17 and a 200-day moving average price of $57.86.

Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The company had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same quarter last year, the company posted $0.49 EPS. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, analysts expect that Starbucks Corporation will post $2.07 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders 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 annualized dividend and a dividend yield of 1.83%. Starbucks Corporation’s payout ratio is 50.76%.

In other news, insider John Culver sold 64,776 shares of Starbucks Corporation stock in a transaction on Friday, September 8th. The stock was sold at an average price of $53.54, for a total value of $3,468,107.04. Following the transaction, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was acquired at an average price of $55.30 per share, for a total transaction of $995,400.00. Following the purchase, the director now 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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Institutional Ownership by Quarter for Starbucks Corporation (NASDAQ:SBUX)

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