Pinnacle Associates Ltd. Acquires 228 Shares of Starbucks Corporation (SBUX)
Pinnacle Associates Ltd. boosted its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,688 shares of the coffee company’s stock after buying an additional 228 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Starbucks Corporation were worth $3,597,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of SBUX. Appropriate Balance Financial Services Inc. grew its stake in shares of Starbucks Corporation by 1.6% during the 2nd quarter. Appropriate Balance Financial Services Inc. now owns 839 shares of the coffee company’s stock worth $14,396,000 after purchasing an additional 13 shares during the period. Jacobi Capital Management LLC grew its stake in shares of Starbucks Corporation by 2.7% during the 1st quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock worth $109,000 after purchasing an additional 50 shares during the period. Gradient Investments LLC grew its stake in shares of Starbucks Corporation by 2.5% during the 2nd quarter. Gradient Investments LLC now owns 1,911 shares of the coffee company’s stock worth $111,000 after purchasing an additional 46 shares during the period. Sharkey Howes & Javer grew its stake in shares of Starbucks Corporation by 8.5% during the 2nd quarter. Sharkey Howes & Javer now owns 1,924 shares of the coffee company’s stock worth $112,000 after purchasing an additional 150 shares during the period. Finally, IHT Wealth Management LLC grew its stake in shares of Starbucks Corporation by 10.2% during the 1st quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock worth $117,000 after purchasing an additional 187 shares during the period. 70.83% of the stock is owned by institutional investors.
A number of equities research analysts have recently commented on SBUX shares. OTR Global raised shares of Starbucks Corporation to a “positive” rating in a research note on Thursday, October 26th. Zacks Investment Research raised shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, September 6th. Bank of America Corporation reaffirmed a “neutral” rating and set a $65.00 price objective on shares of Starbucks Corporation in a research note on Thursday, September 14th. Cowen and Company reissued a “buy” rating and issued a $63.00 price target on shares of Starbucks Corporation in a research note on Friday, September 1st. Finally, Wedbush raised shares of Starbucks Corporation from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $57.00 to $60.00 in a research note on Friday, August 25th. Thirteen research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Starbucks Corporation presently has a consensus rating of “Buy” and a consensus target price of $63.02.
In other news, insider John Culver sold 64,776 shares of Starbucks Corporation stock in a transaction on Friday, September 8th. The stock was sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the transaction, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Myron E. Ullman III sold 22,966 shares of Starbucks Corporation stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $53.41, for a total value of $1,226,614.06. Following the transaction, the director now owns 36,966 shares in the company, valued at approximately $1,974,354.06. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.
Shares of Starbucks Corporation (NASDAQ SBUX) opened at $56.03 on Monday. Starbucks Corporation has a one year low of $50.84 and a one year high of $64.87. The company has a current ratio of 1.25, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. The stock has a market cap of $80,212.55, a price-to-earnings ratio of 27.07, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72.
Starbucks Corporation (NASDAQ:SBUX) last announced its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.55. Starbucks Corporation had a net margin of 12.89% and a return on equity of 53.34%. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the previous year, the company posted $0.56 EPS. The firm’s quarterly revenue was down .2% on a year-over-year basis. sell-side analysts forecast that Starbucks Corporation will post 2.32 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.14%. This is a positive change from Starbucks Corporation’s previous quarterly dividend of $0.25. Starbucks Corporation’s payout ratio is currently 50.76%.
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Starbucks Corporation 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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