Cubist Systematic Strategies LLC grew its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 33.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 190,601 shares of the coffee company’s stock after acquiring an additional 47,716 shares during the period. Cubist Systematic Strategies LLC’s holdings in Starbucks were worth $15,978,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Enterprise Trust & Investment Co purchased a new position in shares of Starbucks in the 2nd quarter worth $25,000. Cowen Prime Services LLC acquired a new position in shares of Starbucks during the 1st quarter worth $26,000. Northern Oak Wealth Management Inc. raised its stake in shares of Starbucks by 95.7% during the 2nd quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock worth $31,000 after buying an additional 177 shares during the last quarter. Redhawk Wealth Advisors Inc. acquired a new position in Starbucks in the 2nd quarter valued at about $32,000. Finally, Atlas Capital Advisors LLC raised its stake in Starbucks by 53.3% in the 2nd quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock valued at $35,000 after purchasing an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 70.74% of the company’s stock.
A number of equities analysts have issued reports on the company. Barclays upped their target price on Starbucks from $75.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Credit Suisse Group assumed coverage on Starbucks in a research report on Tuesday, June 25th. They set an “outperform” rating and a $92.00 price target on the stock. Cleveland Research reissued a “hold” rating on shares of Starbucks in a research report on Tuesday, September 10th. Zacks Investment Research raised Starbucks from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a research report on Tuesday, June 18th. Finally, UBS Group upped their price objective on Starbucks from $78.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and fifteen have given a buy rating to the company’s stock. Starbucks currently has an average rating of “Hold” and an average price target of $89.53.
In other news, Director Myron E. Ullman III sold 9,973 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $84.64, for a total value of $844,114.72. Following the transaction, the director now owns 28,390 shares of the company’s stock, valued at $2,402,929.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vivek C. Varma sold 21,128 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $95.86, for a total value of $2,025,330.08. The disclosure for this sale can be found here. Insiders have sold 142,767 shares of company stock worth $13,690,565 in the last quarter. 3.98% of the stock is currently owned by corporate insiders.
Shares of Starbucks stock traded down $0.07 during trading on Friday, reaching $91.49. 53,421 shares of the company were exchanged, compared to its average volume of 6,334,328. Starbucks Co. has a twelve month low of $54.71 and a twelve month high of $99.72. The business has a 50-day moving average price of $94.96 and a 200-day moving average price of $83.39. The firm has a market capitalization of $108.63 billion, a price-to-earnings ratio of 37.80, a P/E/G ratio of 2.47 and a beta of 0.56.
Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.06. The firm had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.67 billion. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. On average, analysts expect that Starbucks Co. will post 2.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Thursday, August 8th were issued a dividend of $0.36 per share. The ex-dividend date was Wednesday, August 7th. This represents a $1.44 annualized dividend and a yield of 1.57%. Starbucks’s payout ratio is presently 59.50%.
Starbucks Company Profile
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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