WIM Asset Management HK Ltd Acquires New Position in Starbucks Co. (SBUX)
WIM Asset Management HK Ltd acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 34,000 shares of the coffee company’s stock, valued at approximately $1,953,000. Starbucks accounts for approximately 0.8% of WIM Asset Management HK Ltd’s holdings, making the stock its 11th largest position.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Janus Henderson Group PLC lifted its holdings in Starbucks by 3,076.5% during the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock worth $809,917,000 after buying an additional 13,452,551 shares during the last quarter. Parnassus Investments CA bought a new position in Starbucks during the 3rd quarter worth approximately $498,863,000. Capital International Investors lifted its holdings in Starbucks by 28.3% during the 3rd quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock worth $1,142,386,000 after buying an additional 4,696,452 shares during the last quarter. Harding Loevner LP bought a new position in Starbucks during the 3rd quarter worth approximately $128,044,000. Finally, Renaissance Technologies LLC lifted its holdings in Starbucks by 539.2% during the 2nd quarter. Renaissance Technologies LLC now owns 3,918,784 shares of the coffee company’s stock worth $228,504,000 after buying an additional 3,305,700 shares during the last quarter. Hedge funds and other institutional investors own 71.92% of the company’s stock.
Shares of Starbucks Co. (NASDAQ:SBUX) opened at $55.38 on Tuesday. Starbucks Co. has a 12-month low of $52.58 and a 12-month high of $64.87. The firm has a market capitalization of $76,717.65, a PE ratio of 18.28, a price-to-earnings-growth ratio of 1.51 and a beta of 0.69. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.01 and a quick ratio of 0.81.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, February 8th will be given a $0.30 dividend. The ex-dividend date is Wednesday, February 7th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.17%. Starbucks’s dividend payout ratio is currently 39.60%.
A number of research analysts have commented on the company. Credit Suisse Group reduced their target price on Starbucks from $56.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, November 3rd. Goldman Sachs Group downgraded Starbucks from a “conviction-buy” rating to a “buy” rating and cut their price target for the stock from $73.00 to $68.00 in a report on Friday, January 26th. BTIG Research reissued a “buy” rating and issued a $64.00 price target on shares of Starbucks in a report on Friday, January 26th. OTR Global raised Starbucks to a “positive” rating in a report on Thursday, October 26th. Finally, BMO Capital Markets cut their price target on Starbucks from $56.00 to $52.00 and set a “market perform” rating on the stock in a report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Starbucks currently has a consensus rating of “Buy” and an average price target of $64.63.
In other news, insider Howard D. Schultz sold 290,176 shares of Starbucks stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $57.03, for a total value of $16,548,737.28. Following the transaction, the insider now directly owns 29,872,564 shares in the company, valued at $1,703,632,324.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clifford Burrows sold 162,826 shares of Starbucks stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $57.02, for a total value of $9,284,338.52. Following the completion of the transaction, the insider now owns 331,829 shares in the company, valued at $18,920,889.58. The disclosure for this sale can be found here. Insiders sold 619,668 shares of company stock valued at $35,408,538 in the last ninety days. Insiders own 3.48% of the company’s stock.
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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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