Parallel Advisors LLC Lowers Stake in Starbucks Co. (SBUX)
Parallel Advisors LLC reduced its position in Starbucks Co. (NASDAQ:SBUX) by 6.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 34,659 shares of the coffee company’s stock after selling 2,384 shares during the period. Parallel Advisors LLC’s holdings in Starbucks were worth $1,963,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Starbucks by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock worth $5,505,491,000 after purchasing an additional 1,953,003 shares during the last quarter. Capital World Investors boosted its position in shares of Starbucks by 2.0% in the 2nd quarter. Capital World Investors now owns 45,458,682 shares of the coffee company’s stock worth $2,650,696,000 after purchasing an additional 895,432 shares during the last quarter. Northern Trust Corp boosted its position in shares of Starbucks by 5.2% in the 2nd quarter. Northern Trust Corp now owns 21,452,905 shares of the coffee company’s stock worth $1,250,919,000 after purchasing an additional 1,060,298 shares during the last quarter. Capital International Investors boosted its position in shares of Starbucks by 28.3% in the 3rd quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock worth $1,142,386,000 after purchasing an additional 4,696,452 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of Starbucks by 12.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 15,980,105 shares of the coffee company’s stock worth $931,909,000 after purchasing an additional 1,809,166 shares during the last quarter. 71.87% of the stock is owned by institutional investors.
Shares of Starbucks Co. (NASDAQ SBUX) opened at $54.46 on Thursday. The company has a market capitalization of $77,490.00, a PE ratio of 17.97, a PEG ratio of 1.51 and a beta of 0.70. Starbucks Co. has a twelve month low of $52.58 and a twelve month high of $64.87. The company has a quick ratio of 0.81, a current ratio of 1.01 and a debt-to-equity ratio of 0.79.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, February 8th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, February 7th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.20%. Starbucks’s dividend payout ratio (DPR) is 39.60%.
SBUX has been the topic of several recent research reports. Vetr upgraded Starbucks from a “buy” rating to a “strong-buy” rating and set a $64.12 price target on the stock in a research report on Tuesday, November 14th. Nomura reduced their price target on Starbucks from $67.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Mizuho lowered Starbucks from a “buy” rating to a “neutral” rating and raised their price target for the stock from $68.00 to $75.00 in a research report on Thursday, February 1st. They noted that the move was a valuation call. Tigress Financial assumed coverage on Starbucks in a report on Wednesday, December 27th. They set a “buy” rating on the stock. Finally, Wedbush reiterated a “buy” rating and set a $70.00 target price on shares of Starbucks in a report on Monday, January 22nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $64.32.
In other news, Director Joshua Cooper Ramo sold 60,000 shares of the business’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $59.43, for a total value of $3,565,800.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Clifford Burrows sold 162,826 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $57.02, for a total value of $9,284,338.52. Following the completion of the sale, the insider now owns 331,829 shares in the company, valued at $18,920,889.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 597,668 shares of company stock worth $34,216,388. Corporate insiders own 3.48% of the company’s stock.
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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