Lido Advisors LLC lifted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 119.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,177 shares of the coffee company’s stock after buying an additional 17,502 shares during the period. Lido Advisors LLC’s holdings in Starbucks were worth $1,828,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Starbucks by 6.8% in the third 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 period. Morgan Stanley raised its stake in shares of Starbucks by 2.0% in the second 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 period. Magellan Asset Management Ltd raised its stake in shares of Starbucks by 17.5% in the third quarter. Magellan Asset Management Ltd now owns 38,067,340 shares of the coffee company’s stock valued at $2,163,748,000 after buying an additional 5,675,224 shares during the period. Polen Capital Management LLC raised its stake in shares of Starbucks by 46.8% in the third 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 period. Finally, Loomis Sayles & Co. L P raised its stake in shares of Starbucks by 3.6% in the third 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 period. 76.07% of the stock is currently owned by institutional investors.
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 transaction of $5,459,088.30. Following the sale, the director now directly owns 29,000 shares in the company, valued at approximately $1,596,450. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.40% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The company had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the company posted $0.55 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts forecast 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. Investors of record on Thursday, November 15th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.16%. Starbucks’s payout ratio is 59.50%.
Several analysts have issued reports on the company. Telsey Advisory Group restated a “market perform” rating and issued a $70.00 target price (up from $66.00) on shares of Starbucks in a research note on Monday. Jefferies Financial Group restated a “buy” rating and issued a $76.00 target price on shares of Starbucks in a research note on Friday, November 30th. They noted that the move was a valuation call. Zacks Investment Research restated a “buy” rating and issued a $66.00 target price on shares of Starbucks in a research note on Thursday, November 15th. BidaskClub upgraded Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 13th. Finally, Citigroup boosted their target price on Starbucks from $65.00 to $81.00 and gave the company a “buy” rating in a research note on Monday, November 12th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $65.34.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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