Hendley & Co. Inc. Sells 290 Shares of Starbucks Corporation (SBUX)
Hendley & Co. Inc. lowered its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 147,362 shares of the coffee company’s stock after selling 290 shares during the period. Starbucks Corporation comprises about 5.2% of Hendley & Co. Inc.’s portfolio, making the stock its 4th largest position. Hendley & Co. Inc.’s holdings in Starbucks Corporation were worth $8,604,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its position 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 position 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 position 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 position 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 shares of 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 during the last quarter. 69.98% of the stock is currently owned by institutional investors and hedge funds.
Starbucks Corporation (SBUX) traded up 1.1475% during midday trading on Wednesday, reaching $53.7599. 2,117,126 shares of the company traded hands. The firm has a 50-day moving average of $56.81 and a 200-day moving average of $58.22. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The stock has a market capitalization of $77.62 billion, a P/E ratio of 27.1378 and a beta of 0.80.
Starbucks Corporation (NASDAQ:SBUX) last released its earnings results on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.55. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The firm had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue was up 8.1% compared to the same quarter last year. On average, analysts predict that Starbucks Corporation will post $2.07 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Thursday, August 10th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Tuesday, August 8th. Starbucks Corporation’s payout ratio is presently 50.76%.
SBUX has been the topic of a number of research reports. Vetr cut shares of Starbucks Corporation from a “strong-buy” rating to a “buy” rating and set a $64.50 target price on the stock. in a report on Tuesday, April 18th. Sanford C. Bernstein restated a “buy” rating and set a $67.00 target price on shares of Starbucks Corporation in a report on Monday, June 12th. Cowen and Company restated an “outperform” rating and set a $66.00 target price on shares of Starbucks Corporation in a report on Friday, July 21st. UBS AG set a $70.00 target price on shares of Starbucks Corporation and gave the company a “buy” rating in a report on Wednesday, June 28th. Finally, Stephens restated an “equal weight” rating and set a $58.00 target price on shares of Starbucks Corporation in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have given a buy rating and three have given 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 news, insider Clifford Burrows sold 114,826 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $59.46, for a total value of $6,827,553.96. Following the completion of the sale, the insider now directly owns 363,343 shares in the company, valued at $21,604,374.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jorgen Vig Knudstorp acquired 18,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was acquired at an average price 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 of the company’s stock, valued at $995,400. The disclosure for this purchase can be found here. Insiders own 3.40% of the company’s stock.
About Starbucks Corporation
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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