Grassi Investment Management bought a new stake in shares of Starbucks Co. (NASDAQ:SBUX) in the 2nd quarter, Holdings Channel reports. The fund bought 3,287 shares of the coffee company’s stock, valued at approximately $242,000.
Other hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Starbucks by 20.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 526,818 shares of the coffee company’s stock worth $46,318,000 after purchasing an additional 90,383 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in shares of Starbucks in the fourth quarter worth $1,641,000. Van ECK Associates Corp grew its position in Starbucks by 4.3% in the 4th quarter. Van ECK Associates Corp now owns 79,307 shares of the coffee company’s stock valued at $6,972,000 after buying an additional 3,305 shares in the last quarter. Guardian Capital LP boosted its holdings in shares of Starbucks by 7.4% in the fourth quarter. Guardian Capital LP now owns 5,800 shares of the coffee company’s stock valued at $510,000 after acquiring an additional 400 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Starbucks by 3.2% during the 4th quarter. Handelsbanken Fonder AB now owns 161,300 shares of the coffee company’s stock valued at $14,181,000 after purchasing an additional 5,000 shares in the last quarter. 68.51% of the stock is owned by institutional investors and hedge funds.
Shares of Starbucks stock opened at $72.73 on Wednesday. The business’s 50 day simple moving average is $76.21 and its two-hundred day simple moving average is $78.42. Starbucks Co. has a one year low of $50.02 and a one year high of $99.72. The stock has a market capitalization of $86.79 billion, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 6.72 and a beta of 0.79.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 28th. The coffee company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $5.85 billion. Starbucks had a negative return on equity of 50.19% and a net margin of 12.71%. Starbucks’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. As a group, sell-side analysts forecast that Starbucks Co. will post 0.8 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.64 dividend on an annualized basis and a yield of 2.25%. Starbucks’s payout ratio is currently 57.95%.
SBUX has been the topic of several recent analyst reports. UBS Group upped their price target on Starbucks from $73.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. BidaskClub downgraded Starbucks from a “hold” rating to a “sell” rating in a research report on Wednesday, June 24th. Robert W. Baird reduced their target price on Starbucks from $80.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Zacks Investment Research raised Starbucks from a “sell” rating to a “hold” rating and set a $86.00 price objective for the company in a report on Monday, June 8th. Finally, Wolfe Research began coverage on Starbucks in a report on Friday, April 17th. They set an “outperform” rating and a $86.00 target price on the stock. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $82.56.
In related news, CAO Jill Walker sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $82.64, for a total value of $165,280.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Myron E. Ullman III sold 4,252 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $74.89, for a total transaction of $318,432.28. Following the completion of the sale, the director now directly owns 22,728 shares of the company’s stock, valued at $1,702,099.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,756 shares of company stock worth $1,128,953. Corporate insiders own 0.41% of the company’s stock.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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