King Luther Capital Management Corp Purchases 11,950 Shares of Starbucks Co. (SBUX)
King Luther Capital Management Corp lifted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 16.0% in the third quarter, Holdings Channel reports. The fund owned 86,413 shares of the coffee company’s stock after buying an additional 11,950 shares during the period. King Luther Capital Management Corp’s holdings in Starbucks were worth $4,912,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Elgethun Capital Management grew its stake in Starbucks by 7.0% in the third quarter. Elgethun Capital Management now owns 52,012 shares of the coffee company’s stock valued at $2,920,000 after acquiring an additional 3,415 shares during the period. WEALTHFRONT Corp grew its stake in Starbucks by 89.5% in the third quarter. WEALTHFRONT Corp now owns 21,607 shares of the coffee company’s stock valued at $1,228,000 after acquiring an additional 10,205 shares during the period. Bristol Gate Capital Partners Inc. grew its stake in Starbucks by 5.8% in the third quarter. Bristol Gate Capital Partners Inc. now owns 615,618 shares of the coffee company’s stock valued at $34,992,000 after acquiring an additional 33,704 shares during the period. Marathon Trading Investment Management LLC acquired a new position in Starbucks in the third quarter valued at about $412,000. Finally, Loomis Sayles & Co. L P grew its stake in Starbucks by 3.6% in the third quarter. Loomis Sayles & Co. L P now owns 17,386,957 shares of the coffee company’s stock valued at $988,275,000 after acquiring an additional 596,415 shares during the period. Institutional investors own 76.07% of the company’s stock.
In related news, Director Myron E. Ullman III sold 99,166 shares of the company’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total transaction of $5,459,088.30. Following the sale, the director now owns 29,000 shares in the company, valued at $1,596,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.40% of the company’s stock.
SBUX stock opened at $65.47 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.20 and a debt-to-equity ratio of 7.73. The stock has a market cap of $82.56 billion, a PE ratio of 27.05, a PEG ratio of 1.86 and a beta of 0.52. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $68.98.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, November 1st. The coffee company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The business had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. Starbucks’s revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Starbucks Co. will post 2.64 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were issued a dividend of $0.36 per share. The ex-dividend date was Wednesday, November 14th. This represents a $1.44 annualized dividend and a yield of 2.20%. Starbucks’s payout ratio is presently 59.50%.
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Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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