Synovus Financial Corp Acquires 491 Shares of Starbucks Corporation (SBUX)
Synovus Financial Corp boosted its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 160,229 shares of the coffee company’s stock after purchasing an additional 491 shares during the period. Synovus Financial Corp’s holdings in Starbucks Corporation were worth $9,343,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in SBUX. Jacobi Capital Management LLC lifted its stake in Starbucks Corporation by 2.7% during the first quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock valued at $109,000 after purchasing an additional 50 shares during the last quarter. Gradient Investments LLC lifted its stake in Starbucks Corporation by 2.5% during the second quarter. Gradient Investments LLC now owns 1,911 shares of the coffee company’s stock valued at $111,000 after purchasing an additional 46 shares during the last quarter. Sharkey Howes & Javer lifted its stake in Starbucks Corporation by 8.5% during the second quarter. Sharkey Howes & Javer now owns 1,924 shares of the coffee company’s stock valued at $112,000 after purchasing an additional 150 shares during the last quarter. IHT Wealth Management LLC lifted its stake in Starbucks Corporation by 10.2% during the first quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock valued at $117,000 after purchasing an additional 187 shares during the last quarter. Finally, TrimTabs Asset Management LLC acquired a new stake in Starbucks Corporation during the first quarter valued at approximately $122,000. 70.83% of the stock is owned by institutional investors and hedge funds.
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Several equities research analysts recently commented on the stock. Piper Jaffray Companies restated a “buy” rating and issued a $70.00 price target on shares of Starbucks Corporation in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Cowen and Company reiterated an “outperform” rating and issued a $66.00 price objective on shares of Starbucks Corporation in a research note on Friday, July 21st. Wedbush reiterated a “neutral” rating and issued a $60.00 price objective (down previously from $65.00) on shares of Starbucks Corporation in a research note on Saturday, July 22nd. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $67.00 price objective on shares of Starbucks Corporation in a research note on Tuesday, July 25th. Twelve analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. Starbucks Corporation has a consensus rating of “Buy” and a consensus target price of $63.14.
Starbucks Corporation (NASDAQ:SBUX) opened at $57.91 on Thursday. The company has a quick ratio of 0.93, a current ratio of 1.25 and a debt-to-equity ratio of 0.72. Starbucks Corporation has a one year low of $52.58 and a one year high of $64.87. The firm has a market cap of $82,620.00, a P/E ratio of 27.33, a price-to-earnings-growth ratio of 1.46 and a beta of 0.72.
Starbucks Corporation (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.55. Starbucks Corporation had a net margin of 12.89% and a return on equity of 53.34%. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The business’s revenue was down .2% on a year-over-year basis. equities research analysts expect that Starbucks Corporation will post 2.31 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 16th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 15th. This is a positive change from Starbucks Corporation’s previous quarterly dividend of $0.25. Starbucks Corporation’s payout ratio is currently 50.76%.
In other news, Director Myron E. Ullman III sold 22,966 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $53.41, for a total value of $1,226,614.06. Following the sale, the director now owns 36,966 shares of the company’s stock, valued at $1,974,354.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John Culver sold 64,776 shares of the business’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the completion of the sale, the insider now directly owns 390,341 shares in the company, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. 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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