Starbucks Corporation (SBUX) Shares Bought by Pioneer Investment Management Inc.
Pioneer Investment Management Inc. lifted its stake in Starbucks Corporation (NASDAQ:SBUX) by 6.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,976,569 shares of the coffee company’s stock after acquiring an additional 432,264 shares during the quarter. Starbucks Corporation accounts for about 1.3% of Pioneer Investment Management Inc.’s investment portfolio, making the stock its 15th largest holding. Pioneer Investment Management Inc. owned 0.48% of Starbucks Corporation worth $406,803,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. State Street Corp grew its stake in shares of 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 acquiring an additional 1,598,669 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 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 acquiring an additional 2,234,324 shares during the period. Magellan Asset Management Ltd grew its stake in shares of 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 acquiring an additional 18,667,265 shares during the period. Ameriprise Financial Inc. grew its stake in shares of 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 acquiring an additional 3,511,080 shares during the period. Finally, Polen Capital Management LLC grew its stake in shares of Starbucks Corporation by 7.6% in the first quarter. Polen Capital Management LLC now owns 10,464,718 shares of the coffee company’s stock worth $611,035,000 after acquiring an additional 737,343 shares during the period. Hedge funds and other institutional investors own 70.83% of the company’s stock.
A number of analysts have recently commented on SBUX shares. Sanford C. Bernstein reiterated a “buy” rating and issued a $67.00 price target on shares of Starbucks Corporation in a research note on Monday, June 12th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $66.00 price target on shares of Starbucks Corporation in a research note on Tuesday, June 13th. Wedbush lowered shares of Starbucks Corporation from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $61.00 to $65.00 in a research report on Wednesday, June 14th. They noted that the move was a valuation call. BidaskClub lowered shares of Starbucks Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, Jefferies Group LLC restated a “buy” rating and set a $65.00 target price on shares of Starbucks Corporation in a research report on Friday, June 16th. Thirteen research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $64.34.
In related news, insider John Culver sold 64,776 shares of Starbucks Corporation stock in a transaction on Friday, September 8th. The shares were sold at an average price of $53.54, for a total value of $3,468,107.04. Following the sale, the insider now owns 390,341 shares of the company’s stock, valued at approximately $20,898,857.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $53.41, for a total transaction of $1,226,614.06. Following the completion of the sale, the director now directly 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 currently owned by company insiders.
Starbucks Corporation (NASDAQ:SBUX) opened at 55.17 on Friday. Starbucks Corporation has a 12-month low of $50.84 and a 12-month high of $64.87. The stock has a market cap of $79.66 billion, a P/E ratio of 27.85 and a beta of 0.78. The stock has a 50 day moving average of $54.35 and a 200 day moving average of $57.75.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.55. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter last year, the company earned $0.49 EPS. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, equities research analysts anticipate that Starbucks Corporation will post $2.06 earnings per share for the current fiscal year.
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About Starbucks Corporation
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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