King Luther Capital Management Corp raised its holdings in Starbucks Co. (NASDAQ:SBUX) by 16.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,413 shares of the coffee company’s stock after buying an additional 11,950 shares during the quarter. King Luther Capital Management Corp’s holdings in Starbucks were worth $4,912,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Starbucks by 6.8% in the 3rd quarter. BlackRock Inc. now owns 90,368,884 shares of the coffee company’s stock valued at $5,136,569,000 after buying an additional 5,714,419 shares during the last quarter. Morgan Stanley grew its holdings in Starbucks by 2.0% in the 2nd quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock valued at $2,301,661,000 after buying an additional 928,175 shares during the last quarter. Magellan Asset Management Ltd grew its holdings in Starbucks by 5.2% in 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 buying an additional 1,613,187 shares during the last quarter. Polen Capital Management LLC grew its holdings in Starbucks by 46.8% in 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 buying an additional 5,748,941 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its holdings in Starbucks by 3.6% in 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 buying an additional 596,415 shares during the last quarter. 76.07% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SBUX stock opened at $65.47 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.95 and a debt-to-equity ratio of 7.73. The firm has a market capitalization of $82.56 billion, a P/E ratio of 27.05, a P/E/G ratio of 1.86 and a beta of 0.52. Starbucks Co. has a one year low of $47.37 and a one year high of $68.98.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. Starbucks’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.55 EPS. Research analysts expect that Starbucks Co. will post 2.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Thursday, November 15th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.20%. The ex-dividend date was Wednesday, November 14th. Starbucks’s dividend payout ratio is 59.50%.
A number of analysts have issued reports on the company. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 13th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $76.00 target price on shares of Starbucks in a report on Friday, November 30th. They noted that the move was a valuation call. Piper Jaffray Companies raised their target price on Starbucks from $53.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, November 2nd. Telsey Advisory Group reissued a “market perform” rating and set a $70.00 price objective (up previously from $66.00) on shares of Starbucks in a report on Monday, December 3rd. Finally, Royal Bank of Canada lifted their price objective on Starbucks to $68.00 and gave the stock a “positive” rating in a report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $65.34.
In related news, Director Myron E. Ullman III sold 99,166 shares of the business’s stock in a transaction 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 sale, the director now owns 29,000 shares of the company’s stock, valued at approximately $1,596,450. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.40% of the stock is owned by insiders.
COPYRIGHT VIOLATION NOTICE: This story was first published by American Banking News and is owned by of American Banking News. If you are accessing this story on another site, it was copied illegally and reposted in violation of U.S. and international copyright & trademark law. The original version of this story can be viewed at https://www.americanbankingnews.com/2018/12/08/starbucks-co-sbux-shares-bought-by-king-luther-capital-management-corp.html.
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.
See Also: What is a Swap?
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.