Axa lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 14.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,062,077 shares of the coffee company’s stock after selling 178,596 shares during the quarter. Axa owned about 0.09% of Starbucks worth $69,821,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. BlackRock Inc. increased its stake in Starbucks by 4.5% during the first quarter. BlackRock Inc. now owns 84,291,281 shares of the coffee company’s stock worth $5,541,310,000 after purchasing an additional 3,614,642 shares during the period. Magellan Asset Management Ltd increased its stake in Starbucks by 12.5% during the fourth quarter. Magellan Asset Management Ltd now owns 32,036,678 shares of the coffee company’s stock worth $2,816,665,000 after purchasing an additional 3,553,788 shares during the period. Geode Capital Management LLC increased its stake in Starbucks by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 18,603,871 shares of the coffee company’s stock worth $1,633,457,000 after purchasing an additional 161,755 shares during the period. Morgan Stanley increased its stake in Starbucks by 15.1% during the first quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock worth $1,112,717,000 after purchasing an additional 2,219,969 shares during the period. Finally, Norges Bank purchased a new stake in Starbucks during the fourth quarter worth about $1,092,239,000. Institutional investors own 68.58% of the company’s stock.
A number of research firms recently weighed in on SBUX. Atlantic Securities began coverage on shares of Starbucks in a research note on Monday, June 15th. They set an “overweight” rating and a $95.00 target price on the stock. Zacks Investment Research upgraded shares of Starbucks from a “sell” rating to a “hold” rating and set a $86.00 target price on the stock in a research note on Monday, June 8th. TheStreet lowered shares of Starbucks from a “b-” rating to a “c” rating in a research note on Tuesday, April 28th. KeyCorp upped their target price on shares of Starbucks from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley upped their target price on shares of Starbucks from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $82.56.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, April 28th. The coffee company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). Starbucks had a negative return on equity of 50.19% and a net margin of 12.71%. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $5.85 billion. During the same period in the prior year, the business earned $0.60 earnings per share. Starbucks’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, research analysts expect that Starbucks Co. will post 0.8 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Thursday, August 6th. Starbucks’s dividend payout ratio is presently 57.95%.
In other Starbucks news, Director Myron E. Ullman III sold 4,252 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $77.66, for a total value of $330,210.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jill Walker sold 2,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $82.64, for a total value of $165,280.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,504 shares of company stock valued at $813,923. Corporate insiders own 0.41% 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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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