Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in Starbucks Co. (NASDAQ:SBUX) by 12.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 349,447 shares of the coffee company’s stock after selling 50,570 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Starbucks were worth $18,769,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in SBUX. Jacobi Capital Management LLC boosted its stake in Starbucks by 6.9% in the 2nd quarter. Jacobi Capital Management LLC now owns 2,007 shares of the coffee company’s stock valued at $116,000 after buying an additional 129 shares in the last quarter. Valley National Advisers Inc. raised its position in Starbucks by 2.8% in the 2nd quarter. Valley National Advisers Inc. now owns 2,089 shares of the coffee company’s stock valued at $122,000 after purchasing an additional 57 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new position in Starbucks in the 2nd quarter valued at $128,000. Aviance Capital Management LLC bought a new position in Starbucks in the 2nd quarter valued at $146,000. Finally, MPS Loria Financial Planners LLC bought a new position in Starbucks in the 2nd quarter valued at $153,000. 70.72% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have issued reports on SBUX shares. Vetr upgraded Starbucks from a “buy” rating to a “strong-buy” rating and set a $64.12 price objective for the company in a research report on Tuesday, November 14th. Nomura cut their price objective on Starbucks from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Tigress Financial started coverage on Starbucks in a research report on Wednesday, December 27th. They issued a “buy” rating for the company. Mizuho reiterated a “buy” rating and issued a $75.00 price objective on shares of Starbucks in a research report on Friday, September 29th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of Starbucks in a research report on Monday, November 6th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $63.54.
Shares of Starbucks Co. (SBUX) opened at $61.26 on Friday. The firm has a market capitalization of $86,918.85, a price-to-earnings ratio of 31.10, a PEG ratio of 1.65 and a beta of 0.75. Starbucks Co. has a 52-week low of $52.58 and a 52-week high of $64.87. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 1.25.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.55. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.81 billion. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.56 earnings per share. research analysts forecast that Starbucks Co. will post 2.38 EPS for the current year.
In related news, Director Joshua Cooper Ramo sold 60,000 shares of the company’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $59.43, for a total value of $3,565,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Howard D. Schultz sold 290,176 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $57.03, for a total value of $16,548,737.28. Following the completion of the sale, the insider now owns 29,872,564 shares of the company’s stock, valued at approximately $1,703,632,324.92. The disclosure for this sale can be found here. Insiders sold 497,808 shares of company stock valued at $28,559,521 in the last quarter. 3.40% of the stock is currently owned by corporate insiders.
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Starbucks Company 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.
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