Northern Trust Corp trimmed its holdings in shares of Starbucks (NASDAQ:SBUX) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,718,804 shares of the coffee company’s stock after selling 732,133 shares during the quarter. Northern Trust Corp owned about 1.50% of Starbucks worth $1,199,411,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of SBUX. Bedel Financial Consulting Inc. purchased a new position in shares of Starbucks in the 1st quarter worth about $104,000. Taylor Hoffman Wealth Management purchased a new position in shares of Starbucks in the 4th quarter worth about $107,000. Sumitomo Mitsui Financial Group Inc. purchased a new position in shares of Starbucks in the 3rd quarter worth about $111,000. Prime Capital Investment Advisors LLC purchased a new position in shares of Starbucks in the 4th quarter worth about $113,000. Finally, Gradient Investments LLC purchased a new position in shares of Starbucks in the 4th quarter worth about $117,000. Institutional investors and hedge funds own 72.38% of the company’s stock.
In other Starbucks news, Director Craig Weatherup sold 59,838 shares of the company’s stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $60.10, for a total transaction of $3,596,263.80. Following the completion of the transaction, the director now owns 26,500 shares of the company’s stock, valued at approximately $1,592,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.40% of the company’s stock.
Starbucks opened at $57.68 on Friday, according to MarketBeat Ratings. The company has a market cap of $79.34 billion, a price-to-earnings ratio of 25.22, a price-to-earnings-growth ratio of 1.65 and a beta of 0.63. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.09 and a quick ratio of 0.83. Starbucks has a one year low of $52.58 and a one year high of $64.87.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, April 26th. The coffee company reported $0.53 EPS for the quarter, meeting analysts’ consensus estimates of $0.53. The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $5.93 billion. Starbucks had a return on equity of 60.33% and a net margin of 18.71%. Starbucks’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 EPS. equities research analysts forecast that Starbucks will post 2.49 EPS for the current fiscal year.
Starbucks declared that its board has authorized a share repurchase program on Thursday, April 26th that permits the company to buyback 0 outstanding shares. This buyback authorization permits the coffee company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Thursday, May 10th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Wednesday, May 9th. Starbucks’s payout ratio is 58.25%.
A number of research firms have recently issued reports on SBUX. UBS set a $66.00 price objective on Starbucks and gave the stock a “buy” rating in a report on Monday. BidaskClub cut Starbucks from a “buy” rating to a “hold” rating in a report on Saturday, May 5th. ValuEngine cut Starbucks from a “hold” rating to a “sell” rating in a report on Thursday, May 3rd. Oppenheimer reiterated an “outperform” rating on shares of Starbucks in a report on Friday, April 27th. Finally, Wedbush reiterated a “hold” rating and issued a $58.00 price objective on shares of Starbucks in a report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eighteen have assigned a buy rating to the stock. Starbucks currently has a consensus rating of “Buy” and a consensus price target of $64.25.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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