TIAA CREF Investment Management LLC Has $572.48 Million Stake in Starbucks Corporation (SBUX)
TIAA CREF Investment Management LLC trimmed its holdings in Starbucks Corporation (NASDAQ:SBUX) by 10.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,817,827 shares of the coffee company’s stock after selling 1,087,853 shares during the period. TIAA CREF Investment Management LLC owned 0.68% of Starbucks Corporation worth $572,477,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SBUX. State Street Corp increased its stake in Starbucks Corporation by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after acquiring an additional 1,598,669 shares during the last quarter. Magellan Asset Management Ltd grew its stake in shares of Starbucks Corporation by 3,809,645.9% during 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. grew its stake in shares of Starbucks Corporation by 32.9% during 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. Polen Capital Management LLC grew its stake in shares of Starbucks Corporation by 8.3% during the second quarter. Polen Capital Management LLC now owns 11,335,091 shares of the coffee company’s stock worth $660,949,000 after buying an additional 870,373 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Starbucks Corporation by 3.4% during the second quarter. Legal & General Group Plc now owns 6,985,177 shares of the coffee company’s stock worth $407,320,000 after buying an additional 229,758 shares during the last quarter. Institutional investors own 72.01% of the company’s stock.
A number of analysts have weighed in on SBUX shares. Cowen and Company reaffirmed an “outperform” rating and set a $66.00 target price on shares of Starbucks Corporation in a research note on Friday, July 21st. Vetr raised shares of Starbucks Corporation from a “buy” rating to a “strong-buy” rating and set a $64.12 target price on the stock in a research note on Tuesday. Nomura decreased their target price on shares of Starbucks Corporation from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Mizuho reaffirmed a “buy” rating and set a $75.00 target price on shares of Starbucks Corporation in a research note on Friday, September 29th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Starbucks Corporation in a research note on Monday, November 6th. Twelve equities research 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 currently has an average rating of “Buy” and an average price target of $63.31.
In other Starbucks Corporation news, insider Howard D. Schultz sold 290,176 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $57.03, for a total value of $16,548,737.28. Following the sale, the insider now directly owns 29,872,564 shares in the company, valued at approximately $1,703,632,324.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Paul Mutty sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $56.95, for a total transaction of $170,850.00. Following the completion of the sale, the senior vice president now owns 10,438 shares in the company, valued at $594,444.10. The disclosure for this sale can be found here. Insiders have sold a total of 443,884 shares of company stock worth $25,041,780 over the last 90 days. 3.40% of the stock is currently owned by corporate insiders.
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Starbucks Corporation (SBUX) opened at $56.93 on Friday. The firm has a market cap of $82,650.00, a P/E ratio of 27.50, a PEG ratio of 1.56 and a beta of 0.72. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 1.25. Starbucks Corporation has a 52-week low of $52.58 and a 52-week high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, November 2nd. The coffee company reported $0.55 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.55. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.81 billion. Starbucks Corporation had a net margin of 12.89% and a return on equity of 53.34%. Starbucks Corporation’s revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.56 EPS. sell-side analysts anticipate that Starbucks Corporation will post 2.31 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Thursday, November 16th will be paid a dividend of $0.30 per share. This is a boost from Starbucks Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Wednesday, November 15th. Starbucks Corporation’s dividend payout ratio is presently 60.91%.
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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