Griffin Asset Management Inc. Takes Position in Starbucks Corporation (SBUX)
Griffin Asset Management Inc. acquired a new stake in Starbucks Corporation (NASDAQ:SBUX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,033 shares of the coffee company’s stock, valued at approximately $235,000.
Several other large investors have also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its position in Starbucks by 12.5% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 92,401 shares of the coffee company’s stock worth $5,388,000 after purchasing an additional 10,250 shares during the last quarter. Geneva Advisors LLC increased its position in Starbucks by 2.3% during the second quarter. Geneva Advisors LLC now owns 2,750,639 shares of the coffee company’s stock worth $160,390,000 after purchasing an additional 63,041 shares during the last quarter. Private Vista LLC increased its position in Starbucks by 3,334.9% during the second quarter. Private Vista LLC now owns 219,699 shares of the coffee company’s stock worth $160,000 after purchasing an additional 213,303 shares during the last quarter. Welch Group LLC acquired a new position in Starbucks during the second quarter worth approximately $406,000. Finally, TrimTabs Asset Management LLC increased its position in Starbucks by 104.9% during the second quarter. TrimTabs Asset Management LLC now owns 4,296 shares of the coffee company’s stock worth $250,000 after purchasing an additional 2,199 shares during the last quarter. 71.07% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently commented on the stock. Zacks Investment Research lowered shares of Starbucks from a “hold” rating to a “sell” rating in a research report on Friday, December 1st. Vetr lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $62.86 price target for the company. in a research report on Monday, November 27th. UBS set a $64.00 price target on shares of Starbucks and gave the stock a “buy” rating in a research report on Wednesday, November 15th. Morgan Stanley upped their price target on shares of Starbucks from $62.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, November 10th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Starbucks in a research report on Monday, November 6th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Starbucks presently has a consensus rating of “Buy” and an average price target of $63.26.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.81 billion. Starbucks had a net margin of 12.89% and a return on equity of 53.34%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.56 earnings per share. analysts anticipate that Starbucks Corporation will post 2.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 16th were paid a $0.30 dividend. The ex-dividend date was Wednesday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.01%. Starbucks’s dividend payout ratio is 60.91%.
In other news, Director Craig Weatherup sold 56,666 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $56.73, for a total value of $3,214,662.18. Following the completion of the transaction, the director now directly owns 56,666 shares in the company, valued at $3,214,662.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Paul Mutty sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total transaction of $170,850.00. Following the completion of the transaction, the senior vice president now owns 10,438 shares of the company’s stock, valued at $594,444.10. The disclosure for this sale can be found here. Insiders sold 497,808 shares of company stock valued at $28,559,521 over the last 90 days. Insiders own 3.40% of the company’s stock.
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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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