Norinchukin Bank The lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 66.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 241,589 shares of the coffee company’s stock after selling 475,615 shares during the quarter. Norinchukin Bank The’s holdings in Starbucks were worth $13,732,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Natixis bought a new position in Starbucks in the second quarter worth $36,083,000. Commerzbank Aktiengesellschaft FI raised its holdings in Starbucks by 115.3% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 697,709 shares of the coffee company’s stock worth $34,083,000 after purchasing an additional 373,651 shares in the last quarter. Middleton & Co Inc MA raised its holdings in Starbucks by 1.3% in the third quarter. Middleton & Co Inc MA now owns 142,998 shares of the coffee company’s stock worth $8,128,000 after purchasing an additional 1,768 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Starbucks in the second quarter worth $115,000. Finally, MAI Capital Management raised its holdings in Starbucks by 14.9% in the second quarter. MAI Capital Management now owns 20,472 shares of the coffee company’s stock worth $1,000,000 after purchasing an additional 2,650 shares in the last quarter. Institutional investors own 71.14% of the company’s stock.
A number of equities analysts have issued reports on the company. Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Monday, November 12th. Citigroup increased their target price on Starbucks from $65.00 to $81.00 and gave the stock a “buy” rating in a research note on Monday, November 12th. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 13th. Zacks Investment Research reissued a “buy” rating and issued a $66.00 target price on shares of Starbucks in a research note on Thursday, November 15th. Finally, Bank of America set a $68.00 target price on Starbucks and gave the stock a “buy” rating in a research note on Friday, November 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $64.69.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The company had revenue of $6.30 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the firm posted $0.55 earnings per share. Starbucks’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Starbucks Co. will post 2.65 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $1.44 annualized dividend and a dividend yield of 2.12%. Starbucks’s dividend payout ratio (DPR) is presently 59.50%.
In related news, Director Javier G. Teruel sold 166,666 shares of the stock in a transaction on Friday, August 24th. The stock was sold at an average price of $52.70, for a total transaction of $8,783,298.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Myron E. Ullman III sold 99,166 shares of the stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $55.05, for a total value of $5,459,088.30. Following the sale, the director now directly owns 29,000 shares in the company, valued at $1,596,450. The disclosure for this sale can be found here. Company insiders own 3.48% of the company’s stock.
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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