Starbucks Corporation (SBUX) Stake Increased by Confluence Investment Management LLC
Confluence Investment Management LLC grew its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 49.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 708,542 shares of the coffee company’s stock after purchasing an additional 235,920 shares during the quarter. Confluence Investment Management LLC’s holdings in Starbucks Corporation were worth $41,315,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Jacobi Capital Management LLC boosted its stake in shares of Starbucks Corporation by 2.7% during the first quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock valued at $109,000 after purchasing an additional 50 shares during the period. IHT Wealth Management LLC boosted its stake in shares of Starbucks Corporation by 10.2% during the first quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after purchasing an additional 187 shares during the period. TrimTabs Asset Management LLC purchased a new stake in shares of Starbucks Corporation during the first quarter valued at $122,000. Kings Point Capital Management boosted its stake in shares of Starbucks Corporation by 22.5% during the first quarter. Kings Point Capital Management now owns 2,310 shares of the coffee company’s stock valued at $135,000 after purchasing an additional 425 shares during the period. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in shares of Starbucks Corporation during the first quarter valued at $140,000. 70.82% of the stock is owned by hedge funds and other institutional investors.
In other Starbucks Corporation news, insider John Culver sold 64,776 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 390,341 shares in the company, valued at $20,898,857.14. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jorgen Vig Knudstorp acquired 18,000 shares of Starbucks Corporation stock in a transaction on Friday, August 4th. The stock was purchased at an average price of $55.30 per share, with a total value of $995,400.00. Following the purchase, the director now owns 18,000 shares of the company’s stock, valued at approximately $995,400. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on SBUX. Vetr raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $65.47 target price for the company in a research note on Thursday, June 8th. Mizuho began coverage on shares of Starbucks Corporation in a research note on Thursday, June 8th. They set a “buy” rating and a $75.00 target price for the company. Sanford C. Bernstein reissued a “buy” rating and set a $67.00 target price on shares of Starbucks Corporation in a research note on Monday, June 12th. Royal Bank Of Canada reissued an “outperform” rating and set a $66.00 target price on shares of Starbucks Corporation in a research note on Tuesday, June 13th. Finally, Wedbush lowered shares of Starbucks Corporation from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $61.00 to $65.00 in a research note on Wednesday, June 14th. They noted that the move was a valuation call. Thirteen investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $64.64.
Shares of Starbucks Corporation (SBUX) traded up 0.15% during trading on Friday, reaching $55.09. 6,950,029 shares of the company traded hands. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The company has a market capitalization of $79.54 billion, a price-to-earnings ratio of 27.81 and a beta of 0.78. The stock’s 50 day moving average is $54.19 and its 200 day moving average is $57.85.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting the Zacks’ 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 during the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, analysts forecast that Starbucks Corporation will post $2.07 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Thursday, August 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date of this dividend was Tuesday, August 8th. Starbucks Corporation’s dividend payout ratio is currently 50.76%.
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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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