Starbucks Corporation (SBUX) Stake Reduced by Hutchens Investment Management Inc
Hutchens Investment Management Inc reduced its position in Starbucks Corporation (NASDAQ:SBUX) by 2.6% during the first quarter, Holdings Channel reports. The fund owned 37,841 shares of the coffee company’s stock after selling 1,020 shares during the period. Starbucks Corporation comprises approximately 2.0% of Hutchens Investment Management Inc’s holdings, making the stock its 23rd largest position. Hutchens Investment Management Inc’s holdings in Starbucks Corporation were worth $2,209,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of SBUX. State Street Corp increased 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 buying an additional 1,598,669 shares during the last quarter. Bank of New York Mellon Corp increased 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 buying an additional 2,234,324 shares during the last quarter. Magellan Asset Management Ltd increased 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 buying an additional 18,667,265 shares during the last quarter. Ameriprise Financial Inc. increased 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 buying an additional 3,511,080 shares during the last quarter. Finally, Polen Capital Management LLC increased its position in 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 buying an additional 737,343 shares in the last quarter. 69.98% of the stock is owned by institutional investors and hedge funds.
Shares of Starbucks Corporation (NASDAQ:SBUX) traded up 0.630% during midday trading on Monday, reaching $53.515. 2,059,911 shares of the company’s stock were exchanged. 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 $77.27 billion, a PE ratio of 27.014 and a beta of 0.80. The stock’s 50 day moving average is $57.19 and its 200-day moving average is $58.29.
Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.55. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The company had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period last year, the firm posted $0.49 EPS. Starbucks Corporation’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, equities analysts expect that Starbucks Corporation will post $2.07 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Thursday, August 10th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Tuesday, August 8th. Starbucks Corporation’s dividend payout ratio is presently 50.76%.
SBUX has been the subject of a number of research reports. Royal Bank Of Canada reissued an “outperform” rating and set a $66.00 target price on shares of Starbucks Corporation in a research report on Tuesday, April 18th. Jefferies Group LLC reissued a “buy” rating and set a $65.00 target price on shares of Starbucks Corporation in a research report on Friday, May 12th. UBS AG set a $67.00 target price on shares of Starbucks Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Zacks Investment Research downgraded shares of Starbucks Corporation from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Finally, Guggenheim downgraded shares of Starbucks Corporation from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have issued a buy rating and three have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $64.93.
In other Starbucks Corporation news, Director Myron E. Ullman III sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total transaction of $606,300.00. Following the completion of the transaction, the director now directly owns 24,000 shares of the company’s stock, valued at approximately $1,455,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of Starbucks Corporation stock in a transaction on Friday, August 4th. The shares were acquired at an average cost of $55.30 per share, with a total value of $995,400.00. Following the completion of the transaction, the director now directly owns 18,000 shares in the company, valued at approximately $995,400. The disclosure for this purchase can be found here. Company 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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