Evercore Wealth Management LLC raised its stake in Starbucks Co. (NASDAQ:SBUX) by 7.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,109 shares of the coffee company’s stock after buying an additional 2,360 shares during the period. Evercore Wealth Management LLC’s holdings in Starbucks were worth $1,939,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. BlackRock Inc. boosted its position in shares of Starbucks by 6.8% during the 3rd quarter. BlackRock Inc. now owns 90,368,884 shares of the coffee company’s stock valued at $5,136,569,000 after purchasing an additional 5,714,419 shares in the last quarter. Morgan Stanley boosted its position in shares of Starbucks by 2.0% during the 2nd quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock valued at $2,301,661,000 after purchasing an additional 928,175 shares in the last quarter. Magellan Asset Management Ltd boosted its position in shares of Starbucks by 5.2% during the 2nd quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock valued at $1,582,355,000 after purchasing an additional 1,613,187 shares in the last quarter. Polen Capital Management LLC boosted its position in shares of Starbucks by 46.8% during the 3rd quarter. Polen Capital Management LLC now owns 18,035,326 shares of the coffee company’s stock valued at $1,025,128,000 after purchasing an additional 5,748,941 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in shares of Starbucks by 3.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 17,386,957 shares of the coffee company’s stock valued at $988,275,000 after purchasing an additional 596,415 shares in the last quarter. Hedge funds and other institutional investors own 76.07% of the company’s stock.
Shares of NASDAQ:SBUX opened at $66.55 on Friday. The company has a market capitalization of $82.69 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 1.87 and a beta of 0.52. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.95 and a current ratio of 2.20. Starbucks Co. has a 52-week low of $47.37 and a 52-week high of $68.98.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. The firm had revenue of $6.30 billion during the quarter, compared to the consensus estimate of $6.28 billion. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 earnings per share. Equities research analysts anticipate that Starbucks Co. will post 2.65 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Thursday, November 15th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Wednesday, November 14th. Starbucks’s dividend payout ratio (DPR) is presently 59.50%.
Several equities research analysts recently commented on SBUX shares. Bank of America upped their target price on Starbucks from $57.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. BidaskClub upgraded Starbucks from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. KeyCorp restated a “buy” rating on shares of Starbucks in a research report on Thursday, October 4th. ValuEngine upgraded Starbucks from a “hold” rating to a “buy” rating in a research report on Friday, October 26th. Finally, UBS Group set a $72.00 target price on Starbucks and gave the company a “buy” rating in a research report on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Starbucks currently has an average rating of “Buy” and an average price target of $65.34.
In other news, Director Myron E. Ullman III sold 99,166 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total value of $5,459,088.30. Following the completion of the sale, the director now directly owns 29,000 shares of the company’s stock, valued at $1,596,450. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.40% 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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