Starbucks Corporation (SBUX) Shares Sold by Israel Discount Bank of New York
Israel Discount Bank of New York cut its holdings in Starbucks Corporation (NASDAQ:SBUX) by 13.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,720 shares of the coffee company’s stock after selling 2,070 shares during the period. Israel Discount Bank of New York’s holdings in Starbucks Corporation were worth $800,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. Magellan Asset Management Ltd grew its stake in shares of Starbucks Corporation by 3,809,645.9% in 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 buying 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 1st quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after buying an additional 3,511,080 shares during the period. Principal Financial Group Inc. grew its stake in shares of Starbucks Corporation by 60.0% in the 2nd quarter. Principal Financial Group Inc. now owns 4,476,324 shares of the coffee company’s stock valued at $261,014,000 after buying an additional 1,678,506 shares during the period. State Street Corp grew its stake in shares of Starbucks Corporation by 2.7% in the 1st quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after buying an additional 1,598,669 shares during the period. Finally, Polen Capital Management LLC grew its stake in shares of Starbucks Corporation by 8.3% in the 2nd quarter. Polen Capital Management LLC now owns 11,335,091 shares of the coffee company’s stock valued at $660,949,000 after buying an additional 870,373 shares during the period. 72.01% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Javier G. Teruel sold 62,966 shares of Starbucks Corporation stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $57.61, for a total value of $3,627,471.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Myron E. Ullman III sold 22,966 shares of Starbucks Corporation stock in a transaction that occurred on Thursday, September 7th. The stock was 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. Insiders sold a total of 150,708 shares of company stock worth $8,322,192 in the last ninety days. 3.40% of the stock is currently owned by insiders.
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Starbucks Corporation (NASDAQ:SBUX) opened at $56.70 on Thursday. Starbucks Corporation has a 12 month low of $52.58 and a 12 month high of $64.87. The firm has a market capitalization of $81,500.98, a P/E ratio of 27.50, a PEG ratio of 1.56 and a beta of 0.72. The company has a quick ratio of 0.93, a current ratio of 1.25 and a debt-to-equity ratio of 0.72.
Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 EPS for the quarter, hitting analysts’ consensus estimates of $0.55. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.81 billion. Starbucks Corporation had a net margin of 12.89% and a return on equity of 53.34%. Starbucks Corporation’s revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.56 EPS. research analysts forecast that Starbucks Corporation will post 2.31 earnings per share for the current fiscal year.
The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Wednesday, November 15th. This is a boost from Starbucks Corporation’s previous quarterly dividend of $0.25. Starbucks Corporation’s payout ratio is 50.76%.
SBUX has been the subject of several research reports. Cowen and Company restated an “outperform” rating and issued a $66.00 target price on shares of Starbucks Corporation in a research note on Friday, July 21st. Vetr upgraded Starbucks Corporation from a “buy” rating to a “strong-buy” rating and set a $64.12 target price for the company in a research note on Tuesday. Nomura reduced their target price on Starbucks Corporation from $67.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, November 3rd. Mizuho restated a “buy” rating and issued a $75.00 target price on shares of Starbucks Corporation in a research note on Friday, September 29th. Finally, Credit Suisse Group restated a “buy” rating on shares of Starbucks Corporation in a research note on Monday, November 6th. Twelve equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $63.31.
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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