J.P. Marvel Investment Advisors LLC reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 25.9% during the third quarter, Holdings Channel reports. The institutional investor owned 160,116 shares of the coffee company’s stock after selling 55,820 shares during the period. Starbucks Corporation makes up approximately 3.1% of J.P. Marvel Investment Advisors LLC’s holdings, making the stock its 7th largest position. J.P. Marvel Investment Advisors LLC’s holdings in Starbucks Corporation were worth $8,669,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Atlas Brown Inc. raised its position in shares of Starbucks Corporation by 2.2% in the second quarter. Atlas Brown Inc. now owns 6,426 shares of the coffee company’s stock worth $367,000 after buying an additional 140 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in shares of Starbucks Corporation during the second quarter worth $2,030,000. Nicolet Bankshares Inc. raised its position in shares of Starbucks Corporation by 6.4% in the second quarter. Nicolet Bankshares Inc. now owns 6,200 shares of the coffee company’s stock worth $354,000 after buying an additional 374 shares during the last quarter. Hedeker Wealth LLC bought a new position in shares of Starbucks Corporation during the second quarter worth $857,000. Finally, Roberts Glore & Co. Inc. IL raised its position in shares of Starbucks Corporation by 0.9% in the second quarter. Roberts Glore & Co. Inc. IL now owns 5,325 shares of the coffee company’s stock worth $304,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 68.49% of the company’s stock.
Shares of Starbucks Corporation (NASDAQ:SBUX) opened at 56.22 on Monday. The firm has a market cap of $81.94 billion, a price-to-earnings ratio of 28.83 and a beta of 0.79. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $61.64. The firm has a 50-day moving average of $56.69 and a 200-day moving average of $55.71.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, January 26th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.85 billion. Starbucks Corporation had a net margin of 13.30% and a return on equity of 51.45%. The company’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 earnings per share. On average, analysts anticipate that Starbucks Corporation will post $2.13 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 24th. Investors of record on Thursday, February 9th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.78%. The ex-dividend date is Tuesday, February 7th. Starbucks Corporation’s dividend payout ratio is presently 51.28%.
SBUX has been the subject of a number of recent research reports. Stephens restated an “equal weight” rating and set a $58.00 price objective on shares of Starbucks Corporation in a research note on Sunday, January 29th. BMO Capital Markets restated a “buy” rating on shares of Starbucks Corporation in a research note on Friday, November 4th. Vetr downgraded shares of Starbucks Corporation from a “strong-buy” rating to a “buy” rating and set a $62.81 price objective for the company. in a research note on Tuesday, November 22nd. Buckingham Research reduced their price objective on shares of Starbucks Corporation from $59.00 to $54.00 and set a “hold” rating for the company in a research note on Friday, January 27th. Finally, Stifel Nicolaus restated a “hold” rating on shares of Starbucks Corporation in a research note on Friday, November 4th. Nine research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $63.94.
In related news, insider Clifford Burrows sold 80,000 shares of the business’s stock in a transaction on Thursday, December 8th. The shares were sold at an average price of $58.88, for a total value of $4,710,400.00. Following the sale, the insider now owns 248,517 shares in the company, valued at $14,632,680.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua Cooper Ramo sold 5,868 shares of the business’s stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $55.23, for a total transaction of $324,089.64. The disclosure for this sale can be found here. Insiders sold 254,682 shares of company stock worth $14,935,431 in the last 90 days. 3.40% of the stock is currently owned by company insiders.
About Starbucks Corporation
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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