Comerica Bank increased its position in Starbucks Corporation (NASDAQ:SBUX) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 579,498 shares of the coffee company’s stock after purchasing an additional 3,816 shares during the quarter. Comerica Bank’s holdings in Starbucks Corporation were worth $33,622,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. CGOV Asset Management lifted its holdings in shares of Starbucks Corporation by 5.1% during the first quarter. CGOV Asset Management now owns 1,143,123 shares of the coffee company’s stock valued at $88,920,000 after acquiring an additional 55,405 shares during the period. Waldron LP raised its holdings in shares of Starbucks Corporation by 44.8% in the first quarter. Waldron LP now owns 18,119 shares of the coffee company’s stock valued at $1,057,000 after buying an additional 5,604 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Starbucks Corporation in the first quarter valued at about $1,165,000. Goodwin Daniel L bought a new position in shares of Starbucks Corporation in the first quarter valued at about $204,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Starbucks Corporation by 4.0% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 336,147 shares of the coffee company’s stock valued at $19,628,000 after buying an additional 12,891 shares during the last quarter. 70.77% of the stock is owned by hedge funds and other institutional investors.
Starbucks Corporation (SBUX) opened at 54.68 on Friday. The firm has a market capitalization of $78.95 billion, a price-to-earnings ratio of 27.60 and a beta of 0.78. The firm has a 50-day moving average price of $54.63 and a 200-day moving average price of $57.53. Starbucks Corporation has a one year low of $50.84 and a one year high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, meeting analysts’ consensus estimates of $0.55. The business had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.76 billion. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. Starbucks Corporation’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 EPS. Analysts expect that Starbucks Corporation will post $2.06 EPS for the current year.
In related news, Director Jorgen Vig Knudstorp purchased 18,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were bought at an average price of $55.30 per share, for a total transaction of $995,400.00. Following the purchase, the director now directly owns 18,000 shares of the company’s stock, valued at approximately $995,400. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Culver sold 64,776 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $53.54, for a total value of $3,468,107.04. Following the completion of the sale, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
A number of research firms recently issued reports on SBUX. Jefferies Group LLC reaffirmed an “average” rating and issued a $65.00 price target on shares of Starbucks Corporation in a report on Friday, July 28th. Stifel Nicolaus lowered Starbucks Corporation from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $66.00 to $58.00 in a research report on Friday, July 28th. UBS AG set a $67.00 price objective on Starbucks Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. Wedbush reiterated a “hold” rating on shares of Starbucks Corporation in a research report on Friday, July 28th. Finally, Guggenheim lowered Starbucks Corporation from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Thirteen equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Starbucks Corporation has a consensus rating of “Buy” and an average price target of $64.24.
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About Starbucks Corporation
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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