Acadian Asset Management LLC Has $648,000 Stake in Starbucks Co. (SBUX)
Acadian Asset Management LLC reduced its position in Starbucks Co. (NASDAQ:SBUX) by 28.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,121 shares of the coffee company’s stock after selling 4,390 shares during the period. Acadian Asset Management LLC’s holdings in Starbucks were worth $648,000 as of its most recent filing with the SEC.
Several other large investors have also bought and sold shares of SBUX. Magellan Asset Management Ltd increased its stake in shares of Starbucks by 3,809,645.9% in the first quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock worth $1,090,000,000 after buying an additional 18,667,265 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Starbucks by 32.9% in the first quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock worth $827,444,000 after buying an additional 3,511,080 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Starbucks by 7.8% in the first quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock worth $1,796,675,000 after buying an additional 2,234,324 shares during the last quarter. State Street Corp increased its stake in shares of Starbucks by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock worth $3,551,445,000 after buying an additional 1,598,669 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Starbucks by 24.0% in the first quarter. Swiss National Bank now owns 5,681,144 shares of the coffee company’s stock worth $331,722,000 after buying an additional 1,099,100 shares during the last quarter. Institutional investors own 70.99% of the company’s stock.
Shares of Starbucks Co. (NASDAQ SBUX) traded up 0.61% on Wednesday, reaching $54.43. 2,483,180 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $55.81 and a 200-day moving average price of $58.10. The company has a market cap of $78.59 billion, a PE ratio of 27.48 and a beta of 0.80. Starbucks Co. has a 12-month low of $50.84 and a 12-month high of $64.87.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.55. Starbucks had a return on equity of 48.46% and a net margin of 12.21%. The company had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities research analysts anticipate that Starbucks Co. will post $2.07 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Thursday, August 10th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Tuesday, August 8th. Starbucks’s dividend payout ratio is currently 50.76%.
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A number of brokerages have issued reports on SBUX. Wedbush raised shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $57.00 to $60.00 in a research report on Friday, August 25th. Cowen and Company reaffirmed an “outperform” rating and issued a $63.00 price objective on shares of Starbucks in a research report on Thursday, August 24th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Starbucks in a research report on Wednesday, August 23rd. Cleveland Research downgraded shares of Starbucks from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 23rd. Finally, Morgan Stanley reduced their price objective on shares of Starbucks from $68.00 to $62.00 and set a “weight” rating for the company in a research report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have issued a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $64.64.
In other news, Director Jorgen Vig Knudstorp acquired 18,000 shares of Starbucks stock in a transaction on Friday, August 4th. The stock was bought at an average price of $55.30 per share, for a total transaction of $995,400.00. Following the completion of the purchase, the director now owns 18,000 shares in the company, valued at $995,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Myron E. Ullman III sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total value of $606,300.00. Following the completion of the sale, the director now owns 24,000 shares of the company’s stock, valued at approximately $1,455,120. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.
Starbucks Company Profile
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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