Valeo Financial Advisors LLC Invests $1.84 Million in Starbucks Co. (SBUX)
Valeo Financial Advisors LLC purchased a new stake in shares of Starbucks Co. (NASDAQ:SBUX) in the third quarter, Holdings Channel reports. The firm purchased 34,316 shares of the coffee company’s stock, valued at approximately $1,843,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SBUX. Janus Henderson Group PLC grew its position in shares of Starbucks by 3,076.5% during the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock valued at $809,917,000 after purchasing an additional 13,452,551 shares in the last quarter. Parnassus Investments CA purchased a new position in shares of Starbucks during the 3rd quarter valued at $498,863,000. Capital International Investors grew its position in shares of Starbucks by 28.3% during the 3rd quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock valued at $1,142,386,000 after purchasing an additional 4,696,452 shares in the last quarter. Harding Loevner LP purchased a new position in shares of Starbucks during the 3rd quarter valued at $128,044,000. Finally, Renaissance Technologies LLC grew its position in shares of Starbucks by 539.2% during the 2nd quarter. Renaissance Technologies LLC now owns 3,918,784 shares of the coffee company’s stock valued at $228,504,000 after purchasing an additional 3,305,700 shares in the last quarter. Hedge funds and other institutional investors own 71.87% of the company’s stock.
A number of research analysts have recently commented on the stock. Credit Suisse Group reduced their price target on shares of Starbucks from $56.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, November 3rd. Deutsche Bank restated a “buy” rating and set a $63.00 price target on shares of Starbucks in a research report on Friday, January 26th. OTR Global upgraded shares of Starbucks to a “positive” rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a research report on Tuesday, October 24th. Finally, Tigress Financial reiterated a “buy” rating on shares of Starbucks in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $64.32.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, January 25th. The coffee company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01. The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $6.19 billion. Starbucks had a net margin of 19.28% and a return on equity of 56.35%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 earnings per share. equities analysts anticipate that Starbucks Co. will post 2.49 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Wednesday, February 7th. Starbucks’s dividend payout ratio is presently 39.60%.
In other news, SVP Paul Mutty sold 3,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total transaction of $170,850.00. Following the completion of the transaction, the senior vice president now directly owns 10,438 shares of the company’s stock, valued at $594,444.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Craig Weatherup sold 56,666 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $56.73, for a total transaction of $3,214,662.18. Following the transaction, the director now directly owns 56,666 shares of the company’s stock, valued at $3,214,662.18. The disclosure for this sale can be found here. Insiders sold 597,668 shares of company stock valued at $34,216,388 over the last three months. 3.48% of the stock is currently owned by insiders.
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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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