Starbucks Corporation (SBUX) Given a $75.00 Price Target at Mizuho
A number of other research analysts also recently issued reports on SBUX. Piper Jaffray Companies restated a buy rating and set a $70.00 price target on shares of Starbucks Corporation in a report on Friday, July 14th. Zacks Investment Research upgraded Starbucks Corporation from a sell rating to a hold rating in a report on Thursday, July 20th. Cowen and Company restated an outperform rating and set a $66.00 price target on shares of Starbucks Corporation in a report on Friday, July 21st. Wedbush restated a neutral rating and set a $60.00 price target (down previously from $65.00) on shares of Starbucks Corporation in a report on Saturday, July 22nd. Finally, Sanford C. Bernstein restated an outperform rating and set a $67.00 price target on shares of Starbucks Corporation in a report on Tuesday, July 25th. Thirteen equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Starbucks Corporation presently has a consensus rating of Buy and an average price target of $64.02.
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The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Thursday, November 16th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.19%. This is an increase from Starbucks Corporation’s previous quarterly dividend of $0.25. Starbucks Corporation’s dividend payout ratio is currently 50.76%.
In related news, Director Jorgen Vig Knudstorp acquired 18,000 shares of the company’s stock in a transaction on Friday, August 4th. The stock was acquired at an average price of $55.30 per share, with a total value of $995,400.00. Following the acquisition, the director now directly owns 18,000 shares of the company’s stock, valued at $995,400. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Myron E. Ullman III sold 22,966 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $53.41, for a total transaction of $1,226,614.06. Following the transaction, the director now directly owns 36,966 shares of the company’s stock, valued at approximately $1,974,354.06. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SBUX. Magellan Asset Management Ltd boosted its holdings in shares of Starbucks Corporation 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 valued at $1,090,000,000 after purchasing an additional 18,667,265 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Starbucks Corporation by 3,076.5% during the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock valued at $809,917,000 after purchasing an additional 13,452,551 shares during the last quarter. Parnassus Investments CA bought a new position in shares of Starbucks Corporation during the 3rd quarter valued at about $498,863,000. Ameriprise Financial Inc. boosted its holdings in shares of Starbucks Corporation by 32.9% during the 1st quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after purchasing an additional 3,511,080 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Starbucks Corporation by 539.2% during the 2nd quarter. Renaissance Technologies LLC now owns 3,918,784 shares of the coffee company’s stock valued at $228,504,000 after purchasing an additional 3,305,700 shares during the last quarter. 70.87% of the stock is owned by institutional investors and hedge funds.
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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