Gabelli Funds LLC raised its holdings in Starbucks (NASDAQ:SBUX) by 33.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 433,317 shares of the coffee company’s stock after acquiring an additional 109,000 shares during the quarter. Gabelli Funds LLC’s holdings in Starbucks were worth $25,085,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Magellan Asset Management Ltd lifted its stake in Starbucks by 18.1% during the fourth quarter. Magellan Asset Management Ltd now owns 30,912,781 shares of the coffee company’s stock valued at $1,775,321,000 after buying an additional 4,744,675 shares in the last quarter. Capital International Investors lifted its stake in Starbucks by 28.3% during the third quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock valued at $1,142,386,000 after buying an additional 4,696,452 shares in the last quarter. Harding Loevner LP purchased a new stake in Starbucks during the third quarter valued at about $128,044,000. Lazard Asset Management LLC lifted its stake in Starbucks by 300.6% during the fourth quarter. Lazard Asset Management LLC now owns 4,051,366 shares of the coffee company’s stock valued at $232,669,000 after buying an additional 3,040,030 shares in the last quarter. Finally, Atlantic Trust Group LLC lifted its stake in Starbucks by 1,244.8% during the third quarter. Atlantic Trust Group LLC now owns 2,440,293 shares of the coffee company’s stock valued at $131,068,000 after buying an additional 2,258,828 shares in the last quarter. 72.38% of the stock is owned by institutional investors.
Get Starbucks alerts:In related news, Director Craig Weatherup sold 59,838 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $60.10, for a total value of $3,596,263.80. Following the transaction, the director now owns 26,500 shares in the company, valued at $1,592,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.40% of the company’s stock.
Starbucks opened at $57.92 on Friday, Marketbeat reports. Starbucks has a 52 week low of $52.58 and a 52 week high of $64.87. The company has a market capitalization of $79.60 billion, a P/E ratio of 28.12, a PEG ratio of 1.66 and a beta of 0.63. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.83 and a current ratio of 1.09.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, April 26th. The coffee company reported $0.53 EPS for the quarter, hitting analysts’ consensus estimates of $0.53. Starbucks had a return on equity of 60.33% and a net margin of 18.71%. The firm had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $5.93 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was up 13.9% on a year-over-year basis. sell-side analysts anticipate that Starbucks will post 2.49 EPS for the current year.
Starbucks declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 26th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the coffee company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 25th. Investors of record on Thursday, May 10th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, May 9th. This represents a $1.20 dividend on an annualized basis and a yield of 2.07%. Starbucks’s dividend payout ratio is currently 58.25%.
A number of analysts have commented on SBUX shares. Zacks Investment Research raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, January 30th. Vetr lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating and set a $62.03 price objective for the company. in a research note on Wednesday, February 14th. UBS set a $64.00 price objective on shares of Starbucks and gave the company a “buy” rating in a research note on Friday, March 9th. Finally, BidaskClub raised shares of Starbucks from a “hold” rating to a “buy” rating in a research note on Friday, March 30th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nineteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $64.23.
About Starbucks
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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