Riverbridge Partners LLC cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 4.6% during the second quarter, HoldingsChannel.com reports. The firm owned 787,710 shares of the coffee company’s stock after selling 38,331 shares during the quarter. Riverbridge Partners LLC’s holdings in Starbucks were worth $38,480,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Bedel Financial Consulting Inc. bought a new position in shares of Starbucks during the first quarter valued at approximately $104,000. Taylor Hoffman Wealth Management bought a new position in shares of Starbucks during the fourth quarter valued at approximately $107,000. Prime Capital Investment Advisors LLC bought a new position in shares of Starbucks during the fourth quarter valued at approximately $113,000. Gradient Investments LLC bought a new position in shares of Starbucks during the fourth quarter valued at approximately $117,000. Finally, Transamerica Financial Advisors Inc. bought a new position in shares of Starbucks during the first quarter valued at approximately $118,000. Institutional investors and hedge funds own 72.06% of the company’s stock.
Shares of Starbucks opened at $48.77 on Wednesday, according to MarketBeat.com. The company has a current ratio of 1.09, a quick ratio of 0.83 and a debt-to-equity ratio of 1.31. The firm has a market cap of $67.41 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 1.45 and a beta of 0.65. Starbucks Co. has a 12-month low of $47.37 and a 12-month high of $61.94.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, April 26th. The coffee company reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $6.03 billion for the quarter, compared to analysts’ expectations of $5.93 billion. Starbucks had a return on equity of 60.33% and a net margin of 18.71%. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. equities research analysts expect that Starbucks Co. will post 2.4 EPS for the current year.
Starbucks announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 26th that allows the company to buyback 0 shares. This buyback authorization allows the coffee company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
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 given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.95%. The ex-dividend date is Wednesday, August 8th. This is a boost from Starbucks’s previous quarterly dividend of $0.30. Starbucks’s dividend payout ratio (DPR) is 58.25%.
A number of research firms have recently commented on SBUX. ValuEngine cut Starbucks from a “sell” rating to a “strong sell” rating in a research note on Wednesday. BidaskClub cut Starbucks from a “hold” rating to a “sell” rating in a research note on Wednesday, June 13th. Barclays cut their target price on Starbucks to $60.00 in a research note on Wednesday, June 20th. Stifel Nicolaus cut their target price on Starbucks from $58.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 20th. Finally, Robert W. Baird cut their target price on Starbucks from $65.00 to $64.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 20th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $61.48.
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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