Hyman Charles D increased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% during the 1st quarter, HoldingsChannel reports. The fund owned 130,475 shares of the coffee company’s stock after purchasing an additional 3,059 shares during the quarter. Hyman Charles D’s holdings in Starbucks were worth $14,257,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of SBUX. Norges Bank bought a new stake in shares of Starbucks in the fourth quarter worth about $1,244,400,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Starbucks by 46.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,235,062 shares of the coffee company’s stock worth $560,047,000 after acquiring an additional 1,656,946 shares in the last quarter. Morgan Stanley increased its holdings in shares of Starbucks by 6.9% in the fourth quarter. Morgan Stanley now owns 13,603,582 shares of the coffee company’s stock worth $1,455,309,000 after acquiring an additional 881,073 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Starbucks in the fourth quarter worth about $80,812,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Starbucks in the fourth quarter worth about $72,008,000. 67.27% of the stock is currently owned by institutional investors and hedge funds.
SBUX has been the subject of several recent analyst reports. Cowen increased their price target on Starbucks from $120.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, April 28th. Wells Fargo & Company increased their price objective on Starbucks from $126.00 to $129.00 and gave the stock an “overweight” rating in a report on Tuesday. BTIG Research upgraded Starbucks from a “neutral” rating to a “buy” rating and set a $130.00 price objective for the company in a report on Monday, March 22nd. JPMorgan Chase & Co. increased their price objective on Starbucks from $97.00 to $104.00 and gave the stock a “neutral” rating in a report on Monday, April 19th. Finally, Gordon Haskett upgraded Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $100.00 to $120.00 in a report on Friday, February 5th. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $120.80.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Monday, April 26th. The coffee company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.10. Starbucks had a negative return on equity of 18.07% and a net margin of 3.95%. The company had revenue of $6.67 billion during the quarter, compared to analysts’ expectations of $6.75 billion. During the same period last year, the firm posted $0.32 earnings per share. The business’s revenue was up 11.2% on a year-over-year basis. As a group, research analysts predict that Starbucks Co. will post 2.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 28th. Stockholders of record on Thursday, May 13th will be given a $0.45 dividend. The ex-dividend date is Wednesday, May 12th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.58%. Starbucks’s payout ratio is 153.85%.
In related news, CEO Kevin R. Johnson sold 170,000 shares of Starbucks stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $111.07, for a total transaction of $18,881,900.00. Following the completion of the sale, the chief executive officer now directly owns 515,934 shares of the company’s stock, valued at approximately $57,304,789.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Rachel A. Gonzalez sold 82,894 shares of Starbucks stock in a transaction that occurred on Monday, March 29th. The stock was sold at an average price of $109.50, for a total value of $9,076,893.00. Following the sale, the executive vice president now directly owns 78,905 shares of the company’s stock, valued at $8,640,097.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 406,184 shares of company stock valued at $44,685,798. Insiders own 0.41% of the company’s stock.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: Americas, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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