Starbucks Corporation (SBUX) Announces Earnings Results, Hits Estimates
Starbucks Corporation (NASDAQ:SBUX) posted its quarterly earnings results on Thursday. The coffee company reported $0.55 EPS for the quarter, hitting analysts’ consensus estimates of $0.55, Bloomberg Earnings reports. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The business had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter last year, the company posted $0.56 earnings per share. Starbucks Corporation’s quarterly revenue was down .2% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Thursday, November 16th will be paid a $0.30 dividend. This is a boost from Starbucks Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.19%. Starbucks Corporation’s payout ratio is currently 50.76%.
In other news, insider John Culver sold 64,776 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the sale, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jorgen Vig Knudstorp acquired 18,000 shares of the stock in a transaction dated Friday, August 4th. The shares were bought at an average price of $55.30 per share, for a total transaction of $995,400.00. Following the transaction, the director now owns 18,000 shares in the company, valued at approximately $995,400. The disclosure for this purchase can be found here. Company insiders own 3.40% of the company’s stock.
A hedge fund recently bought a new stake in Starbucks Corporation stock. Verition Fund Management LLC bought a new position in Starbucks Corporation (NASDAQ:SBUX) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 18,219 shares of the coffee company’s stock, valued at approximately $1,062,000. Institutional investors and hedge funds own 70.87% of the company’s stock.
A number of equities research analysts have recently issued reports on SBUX shares. Jefferies Group LLC restated an “average” rating and set a $65.00 price objective on shares of Starbucks Corporation in a report on Friday, July 28th. UBS AG set a $67.00 price objective on Starbucks Corporation and gave the stock a “buy” rating in a report on Friday, July 28th. Piper Jaffray Companies restated a “buy” rating and set a $70.00 price objective on shares of Starbucks Corporation in a report on Friday, July 14th. Mizuho restated a “buy” rating and set a $75.00 price objective on shares of Starbucks Corporation in a report on Thursday, July 6th. Finally, Instinet restated a “buy” rating and set a $67.00 price objective (down previously from $70.00) on shares of Starbucks Corporation in a report on Sunday, July 30th. Thirteen research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $64.02.
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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