Cypress Capital Group Has $9 Million Stake in Starbucks Corporation (SBUX)
Cypress Capital Group reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 5.9% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 154,094 shares of the coffee company’s stock after selling 9,578 shares during the period. Starbucks Corporation comprises 2.1% of Cypress Capital Group’s portfolio, making the stock its 9th largest position. Cypress Capital Group’s holdings in Starbucks Corporation were worth $8,997,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its position in Starbucks Corporation by 24.3% in the first quarter. Signaturefd LLC now owns 7,820 shares of the coffee company’s stock worth $457,000 after buying an additional 1,528 shares during the period. Level Four Advisory Services LLC boosted its position in Starbucks Corporation by 19.8% in the first quarter. Level Four Advisory Services LLC now owns 49,757 shares of the coffee company’s stock worth $2,899,000 after buying an additional 8,237 shares during the period. State Street Corp boosted its position in Starbucks Corporation 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 period. Two Sigma Securities LLC bought a new position in Starbucks Corporation during the first quarter worth $479,000. Finally, Keel Point LLC boosted its position in Starbucks Corporation by 1.4% in the first quarter. Keel Point LLC now owns 4,881 shares of the coffee company’s stock worth $285,000 after buying an additional 68 shares during the period. 69.85% of the stock is owned by institutional investors.
Shares of Starbucks Corporation (NASDAQ:SBUX) traded up 0.21% on Friday, reaching $53.18. The company had a trading volume of 9,235,033 shares. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87. The company has a 50-day moving average price of $57.19 and a 200-day moving average price of $58.29. The firm has a market capitalization of $76.79 billion, a PE ratio of 26.85 and a beta of 0.80.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. The company had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.76 billion. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. Equities research analysts forecast that Starbucks Corporation will post $2.07 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Thursday, August 10th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Tuesday, August 8th. Starbucks Corporation’s dividend payout ratio is currently 50.76%.
A number of equities analysts have recently weighed in on the company. BMO Capital Markets cut Starbucks Corporation from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $54.52 to $64.00 in a report on Wednesday. BidaskClub raised Starbucks Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research cut Starbucks Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Cowen and Company reissued an “outperform” rating and issued a $63.00 price target (down from $66.00) on shares of Starbucks Corporation in a report on Sunday, July 30th. Finally, BTIG Research reissued a “buy” rating and issued a $64.00 price target on shares of Starbucks Corporation in a report on Sunday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $64.93.
In other news, insider Clifford Burrows sold 114,826 shares of the firm’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $59.46, for a total value of $6,827,553.96. Following the sale, the insider now directly owns 363,343 shares of the company’s stock, valued at $21,604,374.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of the stock in a transaction dated Friday, August 4th. The stock was acquired at an average cost of $55.30 per share, for a total transaction of $995,400.00. Following the completion of the transaction, the director now owns 18,000 shares of the company’s stock, valued at approximately $995,400. The disclosure for this purchase can be found here. Company insiders own 3.40% of the company’s stock.
About Starbucks Corporation
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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