Sawgrass Asset Management LLC Increases Holdings in Starbucks Corporation (SBUX)

Sawgrass Asset Management LLC grew its position in Starbucks Corporation (NASDAQ:SBUX) by 80.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 849,665 shares of the coffee company’s stock after acquiring an additional 377,830 shares during the period. Starbucks accounts for approximately 2.2% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 20th biggest position. Sawgrass Asset Management LLC owned 0.06% of Starbucks worth $49,544,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Starbucks by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock valued at $5,505,491,000 after buying an additional 1,953,003 shares during the period. State Street Corp grew its stake in shares of Starbucks by 2.7% in the 1st quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after buying an additional 1,598,669 shares during the period. Northern Trust Corp grew its stake in shares of Starbucks by 5.2% in the 2nd quarter. Northern Trust Corp now owns 21,452,905 shares of the coffee company’s stock valued at $1,250,919,000 after buying an additional 1,060,298 shares during the period. Magellan Asset Management Ltd grew its stake in shares of Starbucks by 3,809,645.9% in the 1st quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock valued at $1,090,000,000 after buying an additional 18,667,265 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in shares of Starbucks by 12.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 15,980,105 shares of the coffee company’s stock valued at $931,909,000 after buying an additional 1,809,166 shares during the period. 71.07% of the stock is owned by institutional investors and hedge funds.

In related news, insider John Culver sold 64,776 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $53.54, for a total value of $3,468,107.04. Following the completion of the transaction, the insider now directly owns 390,341 shares of the company’s stock, valued at $20,898,857.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Myron E. Ullman III sold 22,966 shares of the stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $53.41, for a total transaction of $1,226,614.06. Following the completion of the transaction, the director now directly owns 36,966 shares of the company’s stock, valued at $1,974,354.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 525,550 shares of company stock valued at $29,688,442. Insiders own 3.40% of the company’s stock.

A number of research firms have issued reports on SBUX. BMO Capital Markets downgraded Starbucks from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $54.52 to $64.00 in a research note on Wednesday, August 9th. Vetr cut shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $62.86 price target on the stock. in a report on Monday, November 27th. Zacks Investment Research cut shares of Starbucks from a “hold” rating to a “sell” rating in a report on Friday. Robert W. Baird lowered their price target on shares of Starbucks from $70.00 to $66.00 and set an “outperform” rating on the stock in a report on Friday, November 3rd. Finally, Mizuho reaffirmed a “buy” rating and issued a $75.00 price target on shares of Starbucks in a report on Friday, September 29th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Starbucks presently has a consensus rating of “Buy” and an average price target of $63.26.

Starbucks Corporation (NASDAQ SBUX) opened at $58.76 on Tuesday. Starbucks Corporation has a 1 year low of $52.58 and a 1 year high of $64.87. The stock has a market cap of $81,554.90, a price-to-earnings ratio of 27.69, a P/E/G ratio of 1.57 and a beta of 0.75. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.25 and a quick ratio of 0.93.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.55. Starbucks had a net margin of 12.89% and a return on equity of 53.34%. The business had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same period in the prior year, the business posted $0.56 earnings per share. The company’s revenue was down .2% on a year-over-year basis. analysts predict that Starbucks Corporation will post 2.31 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 16th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.04%. This is an increase from Starbucks’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, November 15th. Starbucks’s dividend payout ratio is 60.91%.

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Starbucks Profile

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.

Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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