CIBC World Markets Inc. Reduces Holdings in Starbucks Corporation (SBUX)
CIBC World Markets Inc. lessened its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 418,433 shares of the coffee company’s stock after selling 2,189 shares during the period. CIBC World Markets Inc.’s holdings in Starbucks Corporation were worth $24,399,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. Magellan Asset Management Ltd boosted its holdings in shares of Starbucks Corporation by 3,809,645.9% during 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 purchasing an additional 18,667,265 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Starbucks Corporation by 32.9% during the 1st quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after purchasing an additional 3,511,080 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Starbucks Corporation by 60.0% during the 2nd quarter. Principal Financial Group Inc. now owns 4,476,324 shares of the coffee company’s stock valued at $261,014,000 after purchasing an additional 1,678,506 shares during the last quarter. State Street Corp boosted its holdings in shares of Starbucks Corporation by 2.7% during 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 purchasing an additional 1,598,669 shares during the last quarter. Finally, Haverford Trust Co. bought a new position in shares of Starbucks Corporation during the 1st quarter valued at about $49,787,000. 72.01% of the stock is owned by institutional investors and hedge funds.
Starbucks Corporation (NASDAQ:SBUX) opened at $57.04 on Monday. The stock has a market cap of $81,658.46, a P/E ratio of 27.56, a P/E/G ratio of 1.56 and a beta of 0.72. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 1.25. Starbucks Corporation has a 1-year low of $52.58 and a 1-year high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. Starbucks Corporation had a net margin of 12.89% and a return on equity of 53.34%. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same period in the previous year, the company earned $0.56 earnings per share. The business’s revenue for the quarter was down .2% on a year-over-year basis. equities analysts predict that Starbucks Corporation will post 2.31 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Thursday, November 16th will be issued a $0.30 dividend. This is a positive change from Starbucks Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 2.10%. The ex-dividend date is Wednesday, November 15th. Starbucks Corporation’s payout ratio is currently 50.76%.
In other Starbucks Corporation news, Director Javier G. Teruel sold 62,966 shares of Starbucks Corporation stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $57.61, for a total value of $3,627,471.26. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Myron E. Ullman III sold 22,966 shares of Starbucks Corporation stock in a transaction 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 in the company, valued at $1,974,354.06. The disclosure for this sale can be found here. Insiders sold 150,708 shares of company stock worth $8,322,192 over the last ninety days. Corporate insiders own 3.40% of the company’s stock.
A number of research analysts recently commented on the stock. Cowen and Company reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Starbucks Corporation in a report on Friday, July 21st. Nomura lowered their price target on shares of Starbucks Corporation from $67.00 to $63.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Mizuho reaffirmed a “buy” rating and issued a $75.00 price target on shares of Starbucks Corporation in a report on Friday, September 29th. Credit Suisse Group reaffirmed a “buy” rating on shares of Starbucks Corporation in a report on Monday, November 6th. Finally, Zacks Investment Research raised shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, October 24th. Twelve equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $63.31.
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Starbucks Corporation Company 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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