Wealthfront Inc. Acquires 3,877 Shares of Starbucks Corporation (SBUX)
Wealthfront Inc. grew its holdings in Starbucks Corporation (NASDAQ:SBUX) by 10.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,953 shares of the coffee company’s stock after acquiring an additional 3,877 shares during the period. Wealthfront Inc.’s holdings in Starbucks were worth $2,330,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Magellan Asset Management Ltd raised its position in shares of Starbucks 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 period. Vanguard Group Inc. raised its position in shares of Starbucks by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock valued at $5,505,491,000 after purchasing an additional 1,953,003 shares during the period. Ameriprise Financial Inc. raised its position in shares of Starbucks by 12.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 15,980,105 shares of the coffee company’s stock valued at $931,909,000 after purchasing an additional 1,809,166 shares during the period. Principal Financial Group Inc. raised its position in shares of Starbucks by 60.0% during 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 purchasing an additional 1,678,506 shares during the period. Finally, State Street Corp raised its position in shares of Starbucks by 2.7% during 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 purchasing an additional 1,598,669 shares during the period. Institutional investors and hedge funds own 71.49% of the company’s stock.
In related news, insider John Culver sold 64,776 shares of Starbucks stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the completion of the sale, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul Mutty sold 3,000 shares of Starbucks stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total transaction of $170,850.00. Following the sale, the senior vice president now owns 10,438 shares of the company’s stock, valued at approximately $594,444.10. The disclosure for this sale can be found here. Insiders have sold a total of 525,550 shares of company stock valued at $29,688,442 in the last quarter. 3.40% of the stock is currently owned by company insiders.
Several analysts have recently commented on the stock. Vetr downgraded shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $64.32 price objective on the stock. in a research report on Monday, November 13th. BMO Capital Markets downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $54.52 to $64.00 in a research report on Wednesday, August 9th. BidaskClub upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Robert W. Baird decreased their price objective on shares of Starbucks from $70.00 to $66.00 and set an “outperform” rating on the stock in a research report on Friday, November 3rd. Finally, Mizuho reaffirmed a “buy” rating and set a $75.00 target price on shares of Starbucks in a research note on Friday, September 29th. Twelve research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given 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.
Starbucks Corporation (SBUX) opened at $56.80 on Friday. Starbucks Corporation has a 52 week low of $52.58 and a 52 week high of $64.87. The company has a current ratio of 1.25, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. The company has a market cap of $80,815.04, a PE ratio of 27.44, a P/E/G ratio of 1.55 and a beta of 0.72.
Starbucks (NASDAQ:SBUX) last released 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. Starbucks had a net margin of 12.89% and a return on equity of 53.34%. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same period in the previous year, the company earned $0.56 EPS. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. analysts predict that Starbucks Corporation will post 2.31 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Thursday, November 16th will be issued a dividend of $0.30 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.11%. Starbucks’s dividend payout ratio (DPR) is presently 60.91%.
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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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