Lord Abbett & CO. LLC Buys Shares of 613,690 Starbucks Corporation (SBUX)
Lord Abbett & CO. LLC acquired a new stake in shares of Starbucks Corporation (NASDAQ:SBUX) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 613,690 shares of the coffee company’s stock, valued at approximately $35,784,000.
Other hedge funds also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its position in Starbucks by 12.5% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 92,401 shares of the coffee company’s stock valued at $5,388,000 after buying an additional 10,250 shares in the last quarter. Geneva Advisors LLC increased its position in Starbucks by 2.3% during the 2nd quarter. Geneva Advisors LLC now owns 2,750,639 shares of the coffee company’s stock valued at $160,390,000 after buying an additional 63,041 shares in the last quarter. Private Vista LLC increased its position in Starbucks by 3,334.9% during the 2nd quarter. Private Vista LLC now owns 219,699 shares of the coffee company’s stock valued at $160,000 after buying an additional 213,303 shares in the last quarter. Welch Group LLC bought a new position in Starbucks during the 2nd quarter valued at approximately $406,000. Finally, TrimTabs Asset Management LLC increased its position in Starbucks by 104.9% during the 2nd quarter. TrimTabs Asset Management LLC now owns 4,296 shares of the coffee company’s stock valued at $250,000 after buying an additional 2,199 shares in the last quarter. 71.07% of the stock is owned by institutional investors.
SBUX has been the subject of a number of analyst reports. OTR Global raised Starbucks to a “positive” rating in a research report on Thursday, October 26th. Morgan Stanley increased their target price on Starbucks from $62.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, November 10th. Zacks Investment Research upgraded Starbucks from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Bank of America reiterated a “neutral” rating and set a $65.00 target price on shares of Starbucks in a research note on Thursday, September 14th. Finally, Cowen reiterated a “buy” rating and set a $63.00 target price on shares of Starbucks in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $63.26.
Starbucks Corporation (NASDAQ SBUX) opened at $59.70 on Friday. The stock has a market capitalization of $84,642.38, a price-to-earnings ratio of 28.74, a PEG ratio of 1.63 and a beta of 0.75. Starbucks Corporation has a 52 week low of $52.58 and a 52 week high of $64.87. The company has a quick ratio of 0.93, a current ratio of 1.25 and a debt-to-equity ratio of 0.72.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.55. The firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.81 billion. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the business posted $0.56 EPS. research analysts predict that Starbucks Corporation will post 2.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 16th were paid a $0.30 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Wednesday, November 15th. Starbucks’s dividend payout ratio (DPR) is 60.91%.
In related news, SVP Paul Mutty sold 3,000 shares of Starbucks stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $56.95, for a total transaction of $170,850.00. Following the transaction, the senior vice president now directly owns 10,438 shares in the company, valued at $594,444.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joshua Cooper Ramo sold 60,000 shares of Starbucks stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $59.43, for a total value of $3,565,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 497,808 shares of company stock worth $28,559,521. Company insiders own 3.40% of the company’s stock.
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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