Girard Partners LTD. boosted its position in Starbucks Co. (NASDAQ:SBUX) by 5.1% during the 2nd quarter, Holdings Channel reports. The fund owned 73,496 shares of the coffee company’s stock after buying an additional 3,560 shares during the quarter. Girard Partners LTD.’s holdings in Starbucks were worth $3,590,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. HC Financial Advisors Inc. bought a new position in Starbucks in the 4th quarter valued at approximately $319,000. We Are One Seven LLC bought a new position in Starbucks in the 4th quarter valued at approximately $322,000. Hilton Capital Management LLC lifted its position in Starbucks by 8.5% in the 4th quarter. Hilton Capital Management LLC now owns 281,082 shares of the coffee company’s stock valued at $16,143,000 after acquiring an additional 22,066 shares in the last quarter. Pin Oak Investment Advisors Inc. bought a new position in Starbucks in the 4th quarter valued at approximately $246,000. Finally, CNB Bank bought a new position in Starbucks in the 4th quarter valued at approximately $362,000. Institutional investors and hedge funds own 73.51% of the company’s stock.
SBUX has been the topic of several analyst reports. Zacks Investment Research raised Starbucks from a “sell” rating to a “hold” rating in a research report on Friday, April 20th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Starbucks in a research report on Friday, April 27th. Wedbush reaffirmed a “hold” rating and issued a $58.00 price objective on shares of Starbucks in a research report on Friday, April 27th. Oppenheimer reaffirmed an “outperform” rating on shares of Starbucks in a research report on Friday, April 27th. Finally, ValuEngine cut Starbucks from a “hold” rating to a “sell” rating in a research report on Thursday, May 3rd. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $59.75.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The business had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.25 billion. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 EPS. sell-side analysts expect that Starbucks Co. will post 2.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Shareholders of record on Thursday, August 9th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, August 8th. This is a positive change from Starbucks’s previous quarterly dividend of $0.30. This represents a $1.44 dividend on an annualized basis and a yield of 2.71%. Starbucks’s payout ratio is currently 69.90%.
Starbucks announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 26th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the coffee company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $52.13, for a total transaction of $781,950.00. Following the completion of the sale, the director now directly owns 29,000 shares in the company, valued at approximately $1,511,770. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.48% of the stock is currently owned by insiders.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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