Starbucks Corporation (SBUX) Position Lifted by Scotia Capital Inc.
Scotia Capital Inc. increased its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 14.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 481,596 shares of the coffee company’s stock after acquiring an additional 61,993 shares during the quarter. Scotia Capital Inc.’s holdings in Starbucks were worth $28,079,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Appropriate Balance Financial Services Inc. lifted its stake in Starbucks by 1.6% in the second quarter. Appropriate Balance Financial Services Inc. now owns 839 shares of the coffee company’s stock valued at $14,396,000 after buying an additional 13 shares in the last quarter. Union Bankshares Corp lifted its stake in Starbucks by 0.4% in the second quarter. Union Bankshares Corp now owns 3,508 shares of the coffee company’s stock valued at $204,000 after buying an additional 14 shares in the last quarter. Ken Stern & Associates Inc. lifted its stake in Starbucks by 0.4% in the second quarter. Ken Stern & Associates Inc. now owns 5,662 shares of the coffee company’s stock valued at $330,000 after buying an additional 23 shares in the last quarter. Vaughan David Investments Inc. IL lifted its stake in Starbucks by 0.6% in the first quarter. Vaughan David Investments Inc. IL now owns 4,649 shares of the coffee company’s stock valued at $271,000 after buying an additional 26 shares in the last quarter. Finally, Spectrum Management Group Inc. lifted its stake in Starbucks by 0.3% in the second quarter. Spectrum Management Group Inc. now owns 10,630 shares of the coffee company’s stock valued at $620,000 after buying an additional 30 shares in the last quarter. 71.07% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the stock. Stephens reaffirmed an “equal weight” rating and issued a $52.00 price target (down previously from $58.00) on shares of Starbucks in a research note on Friday, September 29th. They noted that the move was a valuation call. Cleveland Research lowered shares of Starbucks from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 23rd. Credit Suisse Group cut their price target on shares of Starbucks from $56.00 to $54.00 and set a “neutral” rating on the stock in a research note on Friday, November 3rd. BMO Capital Markets reaffirmed a “hold” rating on shares of Starbucks in a research note on Thursday, October 5th. Finally, Zacks Investment Research raised shares of Starbucks from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $63.26.
In related news, SVP Paul Mutty sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total transaction of $170,850.00. Following the transaction, the senior vice president now directly owns 10,438 shares in the company, valued at $594,444.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Craig Weatherup sold 56,666 shares of the business’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $56.73, for a total transaction of $3,214,662.18. Following the transaction, the director now owns 56,666 shares in the company, valued at $3,214,662.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 497,808 shares of company stock worth $28,559,521. 3.40% of the stock is owned by corporate insiders.
Shares of Starbucks Corporation (NASDAQ SBUX) opened at $58.61 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.25 and a debt-to-equity ratio of 0.72. The company has a market cap of $83,390.00, a price-to-earnings ratio of 28.31, a PEG ratio of 1.60 and a beta of 0.76. Starbucks Corporation has a 1 year low of $52.58 and a 1 year high of $64.87.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.55. The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.81 billion. Starbucks had a net margin of 12.89% and a return on equity of 53.34%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 earnings per share. research analysts forecast that Starbucks Corporation will post 2.31 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Thursday, November 16th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.05%. This is an increase from Starbucks’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, November 15th. Starbucks’s payout ratio is presently 60.91%.
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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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