Sumitomo Mitsui Asset Management Company LTD reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 11.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,635 shares of the coffee company’s stock after selling 30,634 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Starbucks were worth $17,963,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lake Point Wealth Management bought a new stake in Starbucks in the fourth quarter worth $25,000. Cowen Prime Services LLC bought a new stake in Starbucks in the first quarter worth $26,000. Veritas Investment Management LLP bought a new stake in Starbucks in the fourth quarter worth $28,000. Paragon Capital Management LLC bought a new stake in Starbucks in the first quarter worth $29,000. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in Starbucks in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 71.67% of the company’s stock.
Several research firms have weighed in on SBUX. Piper Jaffray Companies boosted their price target on shares of Starbucks from $77.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday. They noted that the move was a valuation call. Evercore ISI began coverage on shares of Starbucks in a research note on Tuesday. They issued an “in-line” rating and a $82.00 price target for the company. BidaskClub raised shares of Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 4th. Telsey Advisory Group reissued a “market perform” rating and issued a $80.00 price target (up from $70.00) on shares of Starbucks in a research note on Monday, May 6th. Finally, Zacks Investment Research raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $74.37.
Shares of NASDAQ SBUX opened at $82.93 on Thursday. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $83.67. The company has a debt-to-equity ratio of 7.73, a quick ratio of 0.67 and a current ratio of 0.94. The stock has a market cap of $99.77 billion, a P/E ratio of 34.27, a P/E/G ratio of 2.31 and a beta of 0.50.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, April 25th. The coffee company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.04. Starbucks had a net margin of 11.87% and a negative return on equity of 494.61%. The company had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $6.33 billion. During the same quarter in the previous year, the company earned $0.53 earnings per share. Starbucks’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities analysts predict that Starbucks Co. will post 2.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Thursday, May 9th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Wednesday, May 8th. Starbucks’s dividend payout ratio is currently 59.50%.
In related news, insider John Culver sold 63,937 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $78.04, for a total transaction of $4,989,643.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $76.12, for a total transaction of $759,144.76. The disclosure for this sale can be found here. 3.98% of the stock is owned by insiders.
ILLEGAL ACTIVITY NOTICE: This news story was reported by American Banking News and is owned by of American Banking News. If you are viewing this news story on another domain, it was copied illegally and republished in violation of international copyright and trademark legislation. The legal version of this news story can be read at https://www.americanbankingnews.com/2019/06/13/starbucks-co-nasdaqsbux-stake-lowered-by-sumitomo-mitsui-asset-management-company-ltd.html.
Starbucks Company Profile
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.
Recommended Story: What is a short straddle?
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX).
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.