Sun Life Financial INC cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 70.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,116 shares of the coffee company’s stock after selling 7,485 shares during the period. Sun Life Financial INC’s holdings in Starbucks were worth $179,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in Starbucks by 4.1% in the fourth quarter. Bank of New York Mellon Corp now owns 30,728,508 shares of the coffee company’s stock valued at $1,764,739,000 after acquiring an additional 1,210,393 shares during the period. Capital International Investors grew its stake in Starbucks by 28.3% in the third quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock valued at $1,142,386,000 after acquiring an additional 4,696,452 shares during the period. Geode Capital Management LLC grew its stake in Starbucks by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 17,008,111 shares of the coffee company’s stock valued at $974,952,000 after acquiring an additional 319,533 shares during the period. Polen Capital Management LLC grew its stake in Starbucks by 1.1% in the fourth quarter. Polen Capital Management LLC now owns 11,873,272 shares of the coffee company’s stock valued at $681,882,000 after acquiring an additional 124,676 shares during the period. Finally, Parnassus Investments CA acquired a new position in Starbucks in the third quarter valued at about $498,863,000. 73.52% of the stock is owned by institutional investors and hedge funds.
In related news, Director Craig Weatherup sold 59,838 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $60.10, for a total transaction of $3,596,263.80. Following the sale, the director now owns 26,500 shares in the company, valued at $1,592,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Clifford Burrows sold 162,826 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $57.02, for a total value of $9,284,338.52. Following the sale, the insider now owns 331,829 shares in the company, valued at approximately $18,920,889.58. The disclosure for this sale can be found here. Insiders have sold 247,664 shares of company stock worth $14,243,602 in the last quarter. 3.40% of the stock is currently owned by corporate insiders.
A number of research analysts have issued reports on the company. Goldman Sachs cut Starbucks from a “conviction-buy” rating to a “buy” rating and decreased their target price for the company from $73.00 to $68.00 in a research note on Friday, January 26th. BTIG Research reissued a “buy” rating and issued a $64.00 target price on shares of Starbucks in a research note on Friday, January 26th. Vetr raised Starbucks from a “buy” rating to a “strong-buy” rating and set a $62.03 target price for the company in a research note on Monday, February 5th. Tigress Financial reissued a “buy” rating on shares of Starbucks in a research note on Tuesday, January 2nd. Finally, BidaskClub raised Starbucks from a “hold” rating to a “buy” rating in a research note on Friday, March 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $64.05.
SBUX opened at $58.34 on Friday. Starbucks Co. has a 52-week low of $52.58 and a 52-week high of $64.87. The stock has a market cap of $82,691.45, a P/E ratio of 28.32, a P/E/G ratio of 1.63 and a beta of 0.64. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.81 and a current ratio of 1.01.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, January 25th. The coffee company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.01. Starbucks had a return on equity of 56.35% and a net margin of 19.28%. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. Starbucks’s revenue was up 5.9% on a year-over-year basis. equities research analysts predict that Starbucks Co. will post 2.49 EPS for the current year.
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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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