Verition Fund Management LLC lowered its position in Starbucks Co. (NASDAQ:SBUX) by 73.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,955 shares of the coffee company’s stock after selling 13,721 shares during the period. Verition Fund Management LLC’s holdings in Starbucks were worth $287,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the business. Magellan Asset Management Ltd grew its holdings in Starbucks by 18.1% during the fourth quarter. Magellan Asset Management Ltd now owns 30,912,781 shares of the coffee company’s stock valued at $1,775,321,000 after purchasing an additional 4,744,675 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of 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 worth $1,764,739,000 after acquiring an additional 1,210,393 shares during the period. Geode Capital Management LLC boosted its stake in shares of Starbucks by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 17,008,111 shares of the coffee company’s stock worth $974,952,000 after acquiring an additional 319,533 shares during the period. Polen Capital Management LLC boosted its stake in shares of Starbucks by 3.0% in the first quarter. Polen Capital Management LLC now owns 12,229,797 shares of the coffee company’s stock worth $707,983,000 after acquiring an additional 356,525 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Starbucks by 6.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 5,750,762 shares of the coffee company’s stock worth $330,267,000 after acquiring an additional 367,811 shares during the period. 72.05% of the stock is owned by institutional investors and hedge funds.
Shares of SBUX stock opened at $48.85 on Friday. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $61.94. The company has a current ratio of 1.09, a quick ratio of 0.83 and a debt-to-equity ratio of 1.31. The company has a market cap of $68.78 billion, a price-to-earnings ratio of 23.71, a P/E/G ratio of 1.48 and a beta of 0.61.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, April 26th. The coffee company reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. Starbucks had a return on equity of 60.33% and a net margin of 18.71%. The business had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $5.93 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. equities research analysts anticipate that Starbucks Co. will post 2.4 earnings per share for the current fiscal year.
Starbucks announced that its Board of Directors has initiated a share repurchase plan on Thursday, April 26th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the coffee company to purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Thursday, August 9th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, August 8th. This is an increase from Starbucks’s previous quarterly dividend of $0.30. This represents a $1.44 dividend on an annualized basis and a yield of 2.95%. Starbucks’s dividend payout ratio is 58.25%.
A number of research firms have recently weighed in on SBUX. Cowen lowered Starbucks from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $68.00 to $65.00 in a research note on Friday, April 13th. Wedbush reaffirmed a “hold” rating and issued a $58.00 price objective on shares of Starbucks in a research note on Friday, April 27th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Starbucks in a research note on Friday, April 27th. UBS Group set a $66.00 price objective on Starbucks and gave the stock a “buy” rating in a research note on Thursday, March 15th. Finally, Zacks Investment Research raised Starbucks from a “sell” rating to a “hold” rating in a research note on Friday, April 20th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $61.44.
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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