Starbucks Corporation (SBUX) Position Held by Narwhal Capital Management
Narwhal Capital Management continued to hold its position in Starbucks Corporation (NASDAQ:SBUX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,945 shares of the coffee company’s stock at the end of the second quarter. Narwhal Capital Management’s holdings in Starbucks Corporation were worth $755,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in SBUX. Magellan Asset Management Ltd grew its holdings in Starbucks Corporation by 3,809,645.9% during the first quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock worth $1,090,000,000 after acquiring an additional 18,667,265 shares during the period. Ameriprise Financial Inc. grew its holdings in Starbucks Corporation by 32.9% during the first quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock worth $827,444,000 after acquiring an additional 3,511,080 shares during the period. Bank of New York Mellon Corp grew its holdings in Starbucks Corporation by 7.8% during the first quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock worth $1,796,675,000 after acquiring an additional 2,234,324 shares during the period. State Street Corp grew its holdings in Starbucks Corporation by 2.7% during the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock worth $3,551,445,000 after acquiring an additional 1,598,669 shares during the period. Finally, Swiss National Bank grew its holdings in Starbucks Corporation by 24.0% during the first quarter. Swiss National Bank now owns 5,681,144 shares of the coffee company’s stock worth $331,722,000 after acquiring an additional 1,099,100 shares during the period. 70.82% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Corporation (SBUX) traded up 0.15% during midday trading on Friday, reaching $55.09. The company had a trading volume of 6,950,029 shares. The company’s 50-day moving average is $54.19 and its 200 day moving average is $57.85. The company has a market cap of $79.54 billion, a PE ratio of 27.81 and a beta of 0.78. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, meeting the consensus estimate of $0.55. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The firm had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same period in the prior year, the firm posted $0.49 earnings per share. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, equities research analysts forecast that Starbucks Corporation will post $2.07 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Thursday, August 10th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $1.00 annualized dividend and a yield of 1.82%. Starbucks Corporation’s dividend payout ratio (DPR) is presently 50.76%.
SBUX has been the topic of a number of research analyst reports. Cowen and Company reaffirmed a “buy” rating and set a $63.00 target price on shares of Starbucks Corporation in a report on Friday, September 1st. Zacks Investment Research raised Starbucks Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. UBS AG set a $67.00 target price on Starbucks Corporation and gave the stock a “buy” rating in a report on Friday, July 28th. Jefferies Group LLC reaffirmed an “average” rating and set a $65.00 target price on shares of Starbucks Corporation in a report on Friday, July 28th. Finally, Guggenheim lowered Starbucks Corporation from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Thirteen equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $64.64.
In related news, Director Myron E. Ullman III sold 22,966 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $53.41, for a total transaction of $1,226,614.06. Following the completion of the transaction, the director now directly owns 36,966 shares of the company’s stock, valued at $1,974,354.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of Starbucks Corporation stock in a transaction that occurred on Friday, August 4th. The shares were bought at an average cost of $55.30 per share, with a total value of $995,400.00. Following the completion of the transaction, the director now directly owns 18,000 shares of the company’s stock, valued at approximately $995,400. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company’s stock.
Starbucks Corporation Profile
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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