Cullinan Associates Inc. Has $10,051,000 Stake in Starbucks Corp. (SBUX)
Cullinan Associates Inc. lowered its stake in Starbucks Corp. (NASDAQ:SBUX) by 2.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 185,650 shares of the coffee company’s stock after selling 4,460 shares during the period. Starbucks Corp. makes up 0.9% of Cullinan Associates Inc.’s investment portfolio, making the stock its 27th largest position. Cullinan Associates Inc.’s holdings in Starbucks Corp. were worth $10,051,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in SBUX. Farmers National Bank acquired a new position in shares of Starbucks Corp. during the second quarter worth $101,000. Cascade Investment Advisors Inc. acquired a new position in shares of Starbucks Corp. during the second quarter worth $107,000. Valley National Advisers Inc. raised its position in shares of Starbucks Corp. by 0.3% in the second quarter. Valley National Advisers Inc. now owns 2,062 shares of the coffee company’s stock worth $118,000 after buying an additional 6 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Starbucks Corp. during the second quarter worth $123,000. Finally, Proficio Capital Partners LLC raised its position in shares of Starbucks Corp. by 5.2% in the second quarter. Proficio Capital Partners LLC now owns 2,205 shares of the coffee company’s stock worth $128,000 after buying an additional 109 shares in the last quarter. Institutional investors and hedge funds own 69.25% of the company’s stock.
Shares of Starbucks Corp. (NASDAQ:SBUX) traded down 0.14% during mid-day trading on Friday, hitting $55.77. The company had a trading volume of 8,740,953 shares. The firm has a market cap of $81.45 billion, a PE ratio of 29.43 and a beta of 0.77. The firm’s 50 day moving average is $53.59 and its 200-day moving average is $55.22. Starbucks Corp. has a 12-month low of $50.84 and a 12-month high of $63.19.
Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, November 3rd. The coffee company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.01. Starbucks Corp. had a return on equity of 49.88% and a net margin of 13.22%. The company earned $5.71 billion during the quarter, compared to analysts’ expectations of $5.68 billion. During the same quarter in the previous year, the firm earned $0.43 earnings per share. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. On average, equities analysts expect that Starbucks Corp. will post $2.14 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Thursday, November 17th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Tuesday, November 15th. This is a boost from Starbucks Corp.’s previous quarterly dividend of $0.20. Starbucks Corp.’s payout ratio is currently 52.63%.
A number of brokerages recently weighed in on SBUX. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $66.00 price objective on shares of Starbucks Corp. in a report on Sunday, November 6th. Vetr raised Starbucks Corp. from a “buy” rating to a “strong-buy” rating and set a $61.76 price objective on the stock in a report on Monday, August 22nd. BTIG Research set a $64.00 price objective on Starbucks Corp. and gave the stock a “buy” rating in a report on Monday, September 12th. Piper Jaffray Cos. set a $72.00 price objective on Starbucks Corp. and gave the stock a “buy” rating in a report on Tuesday, September 20th. Finally, Nomura reissued a “buy” rating and issued a $70.00 target price on shares of Starbucks Corp. in a report on Monday, July 25th. Six research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company. Starbucks Corp. currently has an average rating of “Buy” and a consensus price target of $64.50.
Starbucks Corp. Company Profile
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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