Bank of Nova Scotia grew its stake in Starbucks Corporation (NASDAQ:SBUX) by 32.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,113,161 shares of the coffee company’s stock after buying an additional 270,933 shares during the quarter. Bank of Nova Scotia owned 0.08% of Starbucks worth $64,908,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of SBUX. Northstar Wealth Partners LLC acquired a new position in shares of Starbucks in the 1st quarter valued at about $319,000. Mason Street Advisors LLC increased its stake in shares of Starbucks by 1.2% in the 1st quarter. Mason Street Advisors LLC now owns 201,402 shares of the coffee company’s stock valued at $11,760,000 after purchasing an additional 2,310 shares in the last quarter. Hanson McClain Inc. increased its stake in shares of Starbucks by 21.2% in the 1st quarter. Hanson McClain Inc. now owns 2,989 shares of the coffee company’s stock valued at $175,000 after purchasing an additional 523 shares in the last quarter. Greenwood Capital Associates LLC increased its stake in shares of Starbucks by 19.0% in the 1st quarter. Greenwood Capital Associates LLC now owns 82,478 shares of the coffee company’s stock valued at $4,816,000 after purchasing an additional 13,170 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Starbucks by 6.6% in the 1st quarter. Pacer Advisors Inc. now owns 45,252 shares of the coffee company’s stock valued at $2,642,000 after purchasing an additional 2,813 shares in the last quarter. 71.07% of the stock is owned by institutional investors and hedge funds.
Shares of Starbucks Corporation (NASDAQ:SBUX) opened at $58.61 on Monday. Starbucks Corporation has a 52 week low of $52.58 and a 52 week high of $64.87. The company has a current ratio of 1.25, a quick ratio of 0.93 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $83,390.00, a P/E ratio of 28.31, a price-to-earnings-growth ratio of 1.60 and a beta of 0.76.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The company had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same period in the previous year, the business earned $0.56 EPS. Starbucks’s quarterly revenue was down .2% on a year-over-year basis. equities analysts anticipate that Starbucks Corporation will post 2.31 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 16th were given a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.05%. Starbucks’s dividend payout ratio is 60.91%.
Several brokerages recently weighed in on SBUX. Stephens restated an “equal weight” rating and issued a $52.00 price target (down previously from $58.00) on shares of Starbucks in a research note on Friday, September 29th. They noted that the move was a valuation call. Cleveland Research lowered Starbucks from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 23rd. Credit Suisse Group cut their price target on Starbucks from $56.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, November 3rd. BMO Capital Markets restated a “hold” rating on shares of Starbucks in a research note on Thursday, October 5th. Finally, Zacks Investment Research upgraded Starbucks from a “sell” rating to a “hold” rating in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Starbucks presently has a consensus rating of “Buy” and an average price target of $63.26.
In other news, Director Joshua Cooper Ramo sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $59.43, for a total value of $3,565,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul Mutty sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $56.95, for a total value of $170,850.00. Following the completion of the sale, the senior vice president now owns 10,438 shares of the company’s stock, valued at $594,444.10. The disclosure for this sale can be found here. Insiders sold 497,808 shares of company stock valued at $28,559,521 over the last 90 days. Company insiders own 3.40% of the company’s stock.
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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