Vontobel Asset Management Inc. Cuts Position in Starbucks Corporation (SBUX)
Vontobel Asset Management Inc. decreased its holdings in Starbucks Corporation (NASDAQ:SBUX) by 4.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 3,208,329 shares of the coffee company’s stock after selling 146,049 shares during the period. Starbucks Corporation makes up about 1.5% of Vontobel Asset Management Inc.’s investment portfolio, making the stock its 26th largest position. Vontobel Asset Management Inc. owned 0.22% of Starbucks Corporation worth $191,555,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. State Street Corp raised its holdings in Starbucks Corporation by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after buying an additional 1,598,669 shares during the period. Bank of New York Mellon Corp raised its holdings in Starbucks Corporation by 7.8% in the first 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 buying an additional 2,234,324 shares during the period. Magellan Asset Management Ltd raised its holdings in Starbucks Corporation by 3,809,645.9% in the first quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock valued at $1,090,000,000 after buying an additional 18,667,265 shares during the period. Ameriprise Financial Inc. raised its holdings in Starbucks Corporation by 32.9% in the first quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after buying an additional 3,511,080 shares during the period. Finally, Polen Capital Management LLC raised its holdings in Starbucks Corporation by 7.6% in the first quarter. Polen Capital Management LLC now owns 10,464,718 shares of the coffee company’s stock valued at $611,035,000 after buying an additional 737,343 shares during the period. Hedge funds and other institutional investors own 70.82% of the company’s stock.
In other Starbucks Corporation news, Director Myron E. Ullman III sold 22,966 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $53.41, for a total value of $1,226,614.06. Following the transaction, the director now owns 36,966 shares of the company’s stock, valued at $1,974,354.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John Culver sold 64,776 shares of the business’s 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 completion of the transaction, the insider now directly owns 390,341 shares in the company, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
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Starbucks Corporation (SBUX) traded up 0.15% during midday trading on Friday, reaching $55.09. The company’s stock had a trading volume of 6,950,029 shares. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The firm has a market capitalization of $79.54 billion, a PE ratio of 27.81 and a beta of 0.78. The firm has a 50 day moving average price of $54.19 and a 200 day moving average price of $57.85.
Starbucks Corporation (NASDAQ:SBUX) last announced 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. 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 for the quarter, compared to analysts’ expectations of $5.76 billion. During the same period in the prior year, the business posted $0.49 earnings per share. The business’s revenue was up 8.1% compared to the same quarter last year. On average, analysts predict 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. Shareholders of record on Thursday, August 10th were given 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 (DPR) is 50.76%.
SBUX has been the topic of several research reports. Cowen and Company restated a “buy” rating and issued a $63.00 price target on shares of Starbucks Corporation in a report on Friday, September 1st. Zacks Investment Research upgraded shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. UBS AG set a $67.00 price target on shares of Starbucks Corporation and gave the company a “buy” rating in a report on Friday, July 28th. Jefferies Group LLC restated an “average” rating and issued a $65.00 price target on shares of Starbucks Corporation in a report on Friday, July 28th. Finally, Guggenheim lowered shares of Starbucks Corporation from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Thirteen 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 company. The company has an average rating of “Buy” and an average price target of $64.64.
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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