Usca Ria LLC lifted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 281.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,730 shares of the coffee company’s stock after purchasing an additional 19,725 shares during the quarter. Usca Ria LLC’s holdings in Starbucks were worth $1,306,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Polen Capital Management LLC raised its position in Starbucks by 3.0% in the 1st quarter. Polen Capital Management LLC now owns 12,229,797 shares of the coffee company’s stock valued at $707,983,000 after purchasing an additional 356,525 shares in the last quarter. Parnassus Investments CA increased its holdings in shares of Starbucks by 26.8% in the 2nd quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock valued at $588,767,000 after acquiring an additional 2,543,697 shares during the last quarter. American Century Companies Inc. grew its stake in Starbucks by 4.1% during the 1st quarter. American Century Companies Inc. now owns 5,411,955 shares of the coffee company’s stock worth $313,298,000 after buying an additional 214,216 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Starbucks by 6.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,280,149 shares of the coffee company’s stock worth $257,935,000 after buying an additional 308,487 shares during the last quarter. Finally, Eaton Vance Management grew its stake in Starbucks by 1.9% during the 1st quarter. Eaton Vance Management now owns 5,210,088 shares of the coffee company’s stock worth $301,612,000 after buying an additional 95,745 shares during the last quarter. Institutional investors and hedge funds own 73.51% of the company’s stock.
In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $52.13, for a total transaction of $781,950.00. Following the completion of the sale, the director now owns 29,000 shares of the company’s stock, valued at $1,511,770. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.48% of the stock is currently owned by insiders.
NASDAQ SBUX opened at $53.56 on Friday. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $61.94. The firm has a market capitalization of $69.49 billion, a PE ratio of 26.00, a P/E/G ratio of 1.53 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 1.54.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The company had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $6.25 billion. During the same period in the previous year, the firm posted $0.55 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. research analysts predict that Starbucks Co. will post 2.41 earnings per share for the current fiscal year.
Starbucks announced that its board has initiated a share buyback plan on Thursday, April 26th that permits the company to buyback 0 shares. This buyback authorization permits the coffee company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Thursday, August 9th will be given a $0.36 dividend. The ex-dividend date of this dividend is Wednesday, August 8th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.69%. This is an increase from Starbucks’s previous quarterly dividend of $0.30. Starbucks’s payout ratio is currently 69.90%.
A number of research firms recently issued reports on SBUX. ValuEngine upgraded Starbucks from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 14th. BMO Capital Markets dropped their price target on Starbucks from $58.00 to $56.00 and set a “market perform” rating on the stock in a research note on Wednesday, June 20th. Wedbush dropped their price target on Starbucks from $58.00 to $57.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 20th. Telsey Advisory Group dropped their price target on Starbucks from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 17th. Finally, Stephens dropped their price target on Starbucks from $58.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, July 2nd. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have given a buy rating to the company’s stock. Starbucks presently has an average rating of “Hold” and a consensus price target of $59.75.
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.
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