Starbucks Co. (SBUX) Shares Sold by Prudential Financial Inc.
Prudential Financial Inc. lessened its position in Starbucks Co. (NASDAQ:SBUX) by 0.3% in the third quarter, HoldingsChannel.com reports. The firm owned 2,009,380 shares of the coffee company’s stock after selling 6,600 shares during the quarter. Prudential Financial Inc.’s holdings in Starbucks were worth $107,924,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in SBUX. Berkeley Capital Partners LLC raised its stake in Starbucks by 1.3% during the second quarter. Berkeley Capital Partners LLC now owns 17,588 shares of the coffee company’s stock valued at $1,026,000 after buying an additional 229 shares during the last quarter. Grisanti Capital Management LLC raised its stake in Starbucks by 38.0% during the second quarter. Grisanti Capital Management LLC now owns 96,280 shares of the coffee company’s stock valued at $5,614,000 after buying an additional 26,515 shares during the last quarter. Pitcairn Co. raised its stake in Starbucks by 2.3% during the second quarter. Pitcairn Co. now owns 55,007 shares of the coffee company’s stock valued at $3,208,000 after buying an additional 1,256 shares during the last quarter. Bingham Osborn & Scarborough LLC raised its stake in Starbucks by 74.7% during the second quarter. Bingham Osborn & Scarborough LLC now owns 9,815 shares of the coffee company’s stock valued at $572,000 after buying an additional 4,196 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Starbucks by 3.4% in the second quarter. Advisors Asset Management Inc. now owns 260,306 shares of the coffee company’s stock worth $15,178,000 after purchasing an additional 8,656 shares during the last quarter. Institutional investors and hedge funds own 71.87% of the company’s stock.
In other Starbucks news, SVP Paul Mutty sold 3,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $594,444.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Howard D. Schultz sold 290,176 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,703,632,324.92. The disclosure for this sale can be found here. Insiders sold 597,668 shares of company stock valued at $34,216,388 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, January 25th. The coffee company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. Starbucks had a return on equity of 56.35% and a net margin of 19.28%. The company had revenue of $6.07 billion during the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. Starbucks’s revenue was up 5.9% compared to the same quarter last year. analysts forecast that Starbucks Co. will post 2.49 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Thursday, February 8th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Wednesday, February 7th. Starbucks’s payout ratio is currently 39.60%.
Several research analysts have recently weighed in on the company. Credit Suisse Group decreased their price target on Starbucks from $56.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, November 3rd. Deutsche Bank restated a “buy” rating and issued a $63.00 price target on shares of Starbucks in a research note on Friday, January 26th. OTR Global upgraded Starbucks to a “positive” rating in a research note on Thursday, October 26th. Zacks Investment Research upgraded Starbucks from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Finally, Tigress Financial restated a “buy” rating on shares of Starbucks in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $64.63.
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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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