Starbucks Co. (SBUX) Stake Lessened by Jennison Associates LLC
Jennison Associates LLC lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 34.0% in the third quarter, Holdings Channel reports. The institutional investor owned 394,934 shares of the coffee company’s stock after selling 203,105 shares during the quarter. Jennison Associates LLC’s holdings in Starbucks were worth $21,212,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SBUX. Barings LLC boosted its position in shares of Starbucks by 478.3% during the 1st quarter. Barings LLC now owns 165,071 shares of the coffee company’s stock worth $9,638,000 after purchasing an additional 136,527 shares during the period. IHT Wealth Management LLC boosted its position in shares of Starbucks 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. Covington Capital Management boosted its position in shares of Starbucks by 14.2% during the 1st quarter. Covington Capital Management now owns 74,104 shares of the coffee company’s stock worth $4,327,000 after purchasing an additional 9,202 shares during the period. Magellan Asset Management Ltd boosted its position in shares of Starbucks by 3,809,645.9% during the 1st quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock worth $1,090,000,000 after purchasing an additional 18,667,265 shares during the period. Finally, First Financial Equity Corporation purchased a new position in shares of Starbucks during the 1st quarter worth approximately $1,131,000. Institutional investors and hedge funds own 70.67% of the company’s stock.
In other news, Director Craig Weatherup sold 56,666 shares of Starbucks stock in a transaction on Monday, November 20th. The shares were sold at an average price of $56.73, for a total transaction of $3,214,662.18. Following the completion of the sale, the director now directly owns 56,666 shares of the company’s stock, valued at approximately $3,214,662.18. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Howard D. Schultz sold 290,176 shares of Starbucks stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $57.03, for a total transaction of $16,548,737.28. Following the sale, the insider now directly owns 29,872,564 shares of the company’s stock, valued at $1,703,632,324.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 497,808 shares of company stock valued at $28,559,521. Corporate insiders own 3.40% of the company’s stock.
Shares of Starbucks Co. (SBUX) opened at $59.61 on Monday. The stock has a market cap of $84,810.00, a price-to-earnings ratio of 30.26, a PEG ratio of 1.61 and a beta of 0.76. Starbucks Co. has a 1 year low of $52.58 and a 1 year high of $64.87. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 1.25.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.81 billion. Starbucks had a net margin of 12.89% and a return on equity of 53.34%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 EPS. research analysts anticipate that Starbucks Co. will post 2.34 earnings per share for the current year.
A number of equities analysts recently weighed in on SBUX shares. Deutsche Bank reaffirmed a “buy” rating and set a $67.00 price objective on shares of Starbucks in a research report on Monday, October 9th. Piper Jaffray Companies set a $70.00 price objective on shares of Starbucks and gave the stock a “buy” rating in a research report on Wednesday, October 11th. Mizuho reaffirmed a “buy” rating and set a $75.00 price objective on shares of Starbucks in a research report on Friday, September 29th. Vetr cut shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 price objective for the company. in a research report on Thursday, November 2nd. Finally, Nomura lowered their price objective on shares of Starbucks from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $63.23.
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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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