CIBC World Markets Inc. Has $24.56 Million Position in Starbucks Corporation (NASDAQ:SBUX)
CIBC World Markets Inc. boosted its stake in Starbucks Corporation (NASDAQ:SBUX) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 420,622 shares of the coffee company’s stock after buying an additional 6,170 shares during the period. CIBC World Markets Inc.’s holdings in Starbucks Corporation were worth $24,560,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. State of Tennessee Treasury Department raised its stake in shares of Starbucks Corporation by 1.9% in the first quarter. State of Tennessee Treasury Department now owns 880,646 shares of the coffee company’s stock valued at $51,421,000 after buying an additional 16,639 shares during the last quarter. Schnieders Capital Management LLC purchased a new stake in shares of Starbucks Corporation during the first quarter valued at $226,000. Sawtooth Solutions LLC raised its stake in shares of Starbucks Corporation by 60.1% in the first quarter. Sawtooth Solutions LLC now owns 18,346 shares of the coffee company’s stock valued at $1,071,000 after buying an additional 6,884 shares during the last quarter. Sigma Investment Counselors Inc. purchased a new stake in shares of Starbucks Corporation during the first quarter valued at $442,000. Finally, Warren Averett Asset Management LLC raised its stake in shares of Starbucks Corporation by 41.3% in the first quarter. Warren Averett Asset Management LLC now owns 5,846 shares of the coffee company’s stock valued at $341,000 after buying an additional 1,709 shares during the last quarter. 69.98% of the stock is currently owned by institutional investors.
Shares of Starbucks Corporation (NASDAQ:SBUX) traded down 0.64% during mid-day trading on Friday, hitting $52.70. The stock had a trading volume of 10,370,499 shares. Starbucks Corporation has a 1-year low of $50.84 and a 1-year high of $64.87. The company has a market cap of $76.09 billion, a P/E ratio of 26.60 and a beta of 0.80. The firm’s 50 day moving average price is $56.32 and its 200 day moving average price is $58.13.
Starbucks Corporation (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share 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 period last year, the business posted $0.49 EPS. The business’s revenue was up 8.1% compared to the same quarter last year. Analysts predict that Starbucks Corporation will post $2.07 earnings per share for the current fiscal year.
The firm 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. Starbucks Corporation’s payout ratio is currently 50.76%.
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Several brokerages have recently weighed in on SBUX. BMO Capital Markets lowered Starbucks Corporation from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $54.52 to $64.00 in a report on Wednesday, August 9th. BidaskClub upgraded Starbucks Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded Starbucks Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Cowen and Company restated an “outperform” rating and set a $63.00 target price (down previously from $66.00) on shares of Starbucks Corporation in a research report on Sunday, July 30th. Finally, BTIG Research restated a “buy” rating and set a $64.00 target price on shares of Starbucks Corporation in a research report on Sunday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-one have issued a buy rating and three have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $64.93.
In other news, Director Myron E. Ullman III sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $60.63, for a total value of $606,300.00. Following the completion of the sale, the director now directly owns 24,000 shares in the company, valued at approximately $1,455,120. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jorgen Vig Knudstorp bought 18,000 shares of Starbucks Corporation stock in a transaction dated Friday, August 4th. The stock was purchased at an average price of $55.30 per share, with a total value of $995,400.00. Following the completion of the purchase, the director now owns 18,000 shares in the company, valued at $995,400. The disclosure for this purchase can be found here. Company insiders own 3.40% of the company’s stock.
Starbucks Corporation Company Profile
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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