First Citizens Bank & Trust Co. Has $3.786 Million Stake in Starbucks Co. (SBUX)
First Citizens Bank & Trust Co. boosted its stake in Starbucks Co. (NASDAQ:SBUX) by 1,117.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,848 shares of the coffee company’s stock after buying an additional 59,522 shares during the period. First Citizens Bank & Trust Co.’s holdings in Starbucks were worth $3,786,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. State Street Corp raised its position in Starbucks by 3.5% in the fourth quarter. State Street Corp now owns 59,223,992 shares of the coffee company’s stock valued at $3,288,120,000 after buying an additional 1,977,545 shares during the last quarter. Capital World Investors raised its position in Starbucks by 30.3% in the third quarter. Capital World Investors now owns 34,697,636 shares of the coffee company’s stock valued at $1,878,530,000 after buying an additional 8,071,610 shares during the last quarter. Norges Bank purchased a new position in Starbucks during the fourth quarter valued at about $680,375,000. Polen Capital Management LLC raised its position in Starbucks by 7.8% in the fourth quarter. Polen Capital Management LLC now owns 9,727,375 shares of the coffee company’s stock valued at $540,064,000 after buying an additional 704,983 shares during the last quarter. Finally, TCW Group Inc. raised its position in Starbucks by 5.5% in the fourth quarter. TCW Group Inc. now owns 3,707,784 shares of the coffee company’s stock valued at $205,856,000 after buying an additional 191,979 shares during the last quarter. Hedge funds and other institutional investors own 68.49% of the company’s stock.
Shares of Starbucks Co. (NASDAQ:SBUX) opened at 63.30 on Friday. Starbucks Co. has a 1-year low of $50.84 and a 1-year high of $63.42. The stock’s 50 day moving average price is $60.16 and its 200-day moving average price is $57.62. The company has a market capitalization of $91.66 billion, a PE ratio of 31.31 and a beta of 0.79.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, April 27th. The coffee company reported $0.45 EPS for the quarter, meeting the consensus estimate of $0.45. Starbucks had a return on equity of 51.45% and a net margin of 13.30%. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.42 billion. During the same period last year, the firm posted $0.39 earnings per share. Starbucks’s revenue was up 7.3% compared to the same quarter last year. On average, equities analysts predict that Starbucks Co. will post $2.11 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 26th. Shareholders of record on Thursday, May 11th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Tuesday, May 9th. Starbucks’s dividend payout ratio is 51.28%.
ILLEGAL ACTIVITY NOTICE: This news story was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this news story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be read at https://www.thecerbatgem.com/2017/05/28/first-citizens-bank-trust-co-has-3-786-million-stake-in-starbucks-co-sbux.html.
SBUX has been the subject of several analyst reports. Vetr lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $64.50 price target for the company. in a report on Tuesday, April 18th. Royal Bank of Canada restated an “outperform” rating and set a $66.00 price target on shares of Starbucks in a report on Monday, March 13th. Stephens reaffirmed an “equal weight” rating and set a $58.00 price objective on shares of Starbucks in a research report on Friday, April 28th. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $55.00 price objective on shares of Starbucks in a research report on Monday, January 30th. Finally, OTR Global downgraded shares of Starbucks to a “positive” rating in a research report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the stock. Starbucks presently has an average rating of “Buy” and a consensus price target of $64.71.
In other Starbucks news, Director Myron E. Ullman III sold 20,000 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $60.43, for a total value of $1,208,600.00. Following the transaction, the director now owns 34,000 shares of the company’s stock, valued at $2,054,620. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Clifford Burrows sold 114,826 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $59.46, for a total value of $6,827,553.96. Following the completion of the transaction, the insider now directly owns 363,343 shares in the company, valued at approximately $21,604,374.78. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.
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.
Receive News & Stock Ratings for Starbucks Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks Co. and related stocks with our FREE daily email newsletter.