River Road Asset Management LLC boosted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 35.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,066,239 shares of the coffee company’s stock after purchasing an additional 279,794 shares during the quarter. Starbucks accounts for about 1.3% of River Road Asset Management LLC’s investment portfolio, making the stock its 19th biggest holding. River Road Asset Management LLC owned about 0.08% of Starbucks worth $60,605,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of SBUX. BlackRock Inc. boosted its holdings in shares of Starbucks by 0.6% in the second quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock valued at $4,135,368,000 after buying an additional 477,124 shares during the period. Morgan Stanley boosted its holdings in shares of Starbucks by 2.0% in the second quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock valued at $2,301,661,000 after buying an additional 928,175 shares during the period. Magellan Asset Management Ltd boosted its holdings in shares of Starbucks by 5.2% in the second quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock valued at $1,582,355,000 after buying an additional 1,613,187 shares during the period. Polen Capital Management LLC boosted its holdings in shares of Starbucks by 0.5% in the second quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock valued at $600,190,000 after buying an additional 56,588 shares during the period. Finally, Parnassus Investments CA boosted its holdings in shares of Starbucks by 26.8% in the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock valued at $588,767,000 after buying an additional 2,543,697 shares during the period. Hedge funds and other institutional investors own 71.77% of the company’s stock.
Shares of SBUX stock opened at $66.34 on Wednesday. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.95 and a current ratio of 2.20. The firm has a market capitalization of $86.77 billion, a PE ratio of 27.28, a price-to-earnings-growth ratio of 1.74 and a beta of 0.48. Starbucks Co. has a 12 month low of $47.37 and a 12 month high of $66.08.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The business had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the previous year, the firm posted $0.55 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts anticipate that Starbucks Co. will post 2.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.17%. The ex-dividend date is Wednesday, November 14th. Starbucks’s dividend payout ratio (DPR) is currently 59.50%.
In other news, insider Rosalind G. Brewer purchased 5,000 shares of the company’s stock in a transaction on Monday, August 20th. The shares were purchased at an average cost of $54.04 per share, with a total value of $270,200.00. Following the completion of the transaction, the insider now owns 7,302 shares of the company’s stock, valued at approximately $394,600.08. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Myron E. Ullman III sold 15,000 shares of the company’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $809,700.00. Following the sale, the director now directly owns 29,000 shares in the company, valued at $1,565,420. The disclosure for this sale can be found here. Insiders have sold 280,832 shares of company stock worth $15,052,087 over the last ninety days. Insiders own 3.48% of the company’s stock.
Several research analysts have recently weighed in on SBUX shares. Barclays reduced their price target on shares of Starbucks from $60.00 to $57.00 and set a “$51.15” rating for the company in a report on Wednesday, July 18th. BidaskClub upgraded shares of Starbucks from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. KeyCorp reiterated a “buy” rating on shares of Starbucks in a report on Thursday, October 4th. Bank of America upped their price target on shares of Starbucks from $57.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, October 10th. Finally, ValuEngine upgraded shares of Starbucks from a “hold” rating to a “buy” rating in a report on Friday, October 26th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Starbucks currently has a consensus rating of “Hold” and a consensus target price of $63.48.
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Starbucks Company Profile
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.
Read More: Compound Annual Growth Rate (CAGR)
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