Starbucks Corporation (SBUX) Position Boosted by Perigon Wealth Management LLC
Perigon Wealth Management LLC boosted its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 5.4% during the first quarter, Holdings Channel reports. The firm owned 40,101 shares of the coffee company’s stock after buying an additional 2,050 shares during the period. Perigon Wealth Management LLC’s holdings in Starbucks Corporation were worth $2,342,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Magellan Asset Management Ltd raised its position in Starbucks Corporation by 3,809,645.9% in the first quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock worth $1,090,000,000 after buying an additional 18,667,265 shares during the period. Ameriprise Financial Inc. raised its position in Starbucks Corporation by 32.9% in the first quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock worth $827,444,000 after buying an additional 3,511,080 shares during the period. Bank of New York Mellon Corp raised its position in Starbucks Corporation by 7.8% in the first quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock worth $1,796,675,000 after buying an additional 2,234,324 shares during the period. State Street Corp raised its position in Starbucks Corporation by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock worth $3,551,445,000 after buying an additional 1,598,669 shares during the period. Finally, Swiss National Bank raised its position in Starbucks Corporation by 24.0% in the first quarter. Swiss National Bank now owns 5,681,144 shares of the coffee company’s stock worth $331,722,000 after buying an additional 1,099,100 shares during the period. Hedge funds and other institutional investors own 69.98% of the company’s stock.
Starbucks Corporation (NASDAQ SBUX) traded down 0.47% on Friday, hitting $52.79. 3,391,392 shares of the stock traded hands. The company has a market cap of $76.22 billion, a price-to-earnings ratio of 26.65 and a beta of 0.80. The stock has a 50-day moving average price of $56.48 and a 200 day moving average price of $58.15. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55. The company had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. Starbucks Corporation’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS. On average, analysts anticipate that Starbucks Corporation will post $2.07 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Thursday, August 10th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.00 annualized dividend and a dividend yield of 1.89%. Starbucks Corporation’s dividend payout ratio is currently 50.76%.
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A number of brokerages have weighed in on SBUX. Jefferies Group LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of Starbucks Corporation in a research note on Friday, May 12th. Deutsche Bank AG raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and boosted their target price for the stock from $59.00 to $69.00 in a research note on Monday, May 15th. Credit Suisse Group boosted their target price on shares of Starbucks Corporation from $55.00 to $57.00 and gave the stock a “neutral” rating in a research note on Friday, April 28th. Vetr raised shares of Starbucks Corporation from a “buy” rating to a “strong-buy” rating and set a $67.14 target price for the company in a research note on Thursday, June 22nd. Finally, Zacks Investment Research downgraded shares of Starbucks Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Starbucks Corporation has a consensus rating of “Buy” and a consensus target price of $64.93.
In other news, Director Myron E. Ullman III sold 10,000 shares of Starbucks Corporation stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total value of $606,300.00. Following the completion of the sale, the director now owns 24,000 shares in the company, valued at approximately $1,455,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 18,000 shares of the stock in a transaction dated Friday, August 4th. The stock was bought at an average price of $55.30 per share, with a total value of $995,400.00. Following the purchase, the director now directly owns 18,000 shares in the company, valued at $995,400. The disclosure for this purchase can be found here. Insiders own 3.40% of the company’s stock.
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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