Independence Bank of Kentucky increased its holdings in Starbucks Co. (NASDAQ:SBUX) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,777 shares of the coffee company’s stock after purchasing an additional 2,007 shares during the period. Starbucks makes up about 1.3% of Independence Bank of Kentucky’s investment portfolio, making the stock its 26th largest position. Independence Bank of Kentucky’s holdings in Starbucks were worth $1,636,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Natixis purchased a new stake in Starbucks in the second quarter worth about $36,083,000. Commerzbank Aktiengesellschaft FI lifted its position in shares of Starbucks by 115.3% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 697,709 shares of the coffee company’s stock valued at $34,083,000 after buying an additional 373,651 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Starbucks during the second quarter valued at about $115,000. Nikko Asset Management Americas Inc. lifted its position in shares of Starbucks by 8.8% during the third quarter. Nikko Asset Management Americas Inc. now owns 878,442 shares of the coffee company’s stock valued at $49,281,000 after buying an additional 71,411 shares during the last quarter. Finally, MAI Capital Management lifted its position in shares of Starbucks by 14.9% during the second quarter. MAI Capital Management now owns 20,472 shares of the coffee company’s stock valued at $1,000,000 after buying an additional 2,650 shares during the last quarter. Institutional investors own 71.77% of the company’s stock.
SBUX stock traded down $0.12 during midday trading on Friday, reaching $68.60. The stock had a trading volume of 8,627,860 shares, compared to its average volume of 15,258,163. Starbucks Co. has a 52-week low of $47.37 and a 52-week high of $68.98. The company has a debt-to-equity ratio of 7.73, a quick ratio of 1.95 and a current ratio of 2.20. The firm has a market capitalization of $91.95 billion, a P/E ratio of 28.35, a PEG ratio of 1.91 and a beta of 0.48.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The business had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the previous year, the firm earned $0.55 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Starbucks Co. will post 2.65 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Thursday, November 15th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $1.44 annualized dividend and a dividend yield of 2.10%. Starbucks’s dividend payout ratio is presently 59.50%.
Several analysts have commented on the stock. BMO Capital Markets set a $51.00 price target on shares of Starbucks and gave the company a “hold” rating in a research report on Monday, July 23rd. Barclays cut their price objective on shares of Starbucks from $60.00 to $57.00 and set a “$51.15” rating on the stock in a report on Wednesday, July 18th. Telsey Advisory Group cut their price objective on shares of Starbucks from $60.00 to $58.00 and set a “market perform” rating on the stock in a report on Tuesday, July 17th. Robert W. Baird upped their price objective on shares of Starbucks from $64.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, November 2nd. Finally, Piper Jaffray Companies increased their price target on shares of Starbucks from $53.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, November 2nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company’s stock. Starbucks has a consensus rating of “Hold” and a consensus target price of $63.48.
In related news, Director Myron E. Ullman III sold 99,166 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director now directly owns 29,000 shares of the company’s stock, valued at approximately $1,596,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rosalind G. Brewer acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were acquired at an average cost of $54.04 per share, with a total value of $270,200.00. Following the completion of the transaction, the insider now directly owns 7,302 shares in the company, valued at approximately $394,600.08. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 280,832 shares of company stock worth $15,052,087. Insiders own 3.40% of the company’s stock.
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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