BTC Capital Management Inc. grew its holdings in Starbucks Corporation (NASDAQ:SBUX) by 1.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 11,737 shares of the coffee company’s stock after acquiring an additional 163 shares during the quarter. BTC Capital Management Inc.’s holdings in Starbucks Corporation were worth $683,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Starbucks Corporation by 2.7% in the 1st quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after acquiring an additional 1,598,669 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Starbucks Corporation by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock valued at $1,796,675,000 after purchasing an additional 2,234,324 shares during the period. Magellan Asset Management Ltd boosted its position in shares of Starbucks Corporation by 3,809,645.9% in the 1st quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock valued at $1,090,000,000 after purchasing an additional 18,667,265 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Starbucks Corporation by 32.9% in the 1st quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after purchasing an additional 3,511,080 shares during the period. Finally, Polen Capital Management LLC boosted its position in shares of Starbucks Corporation by 7.6% in the 1st quarter. Polen Capital Management LLC now owns 10,464,718 shares of the coffee company’s stock valued at $611,035,000 after purchasing an additional 737,343 shares during the period. Institutional investors and hedge funds own 70.82% of the company’s stock.
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A number of analysts recently issued reports on SBUX shares. Cowen and Company reissued a “buy” rating and issued a $63.00 target price on shares of Starbucks Corporation in a research report on Friday, September 1st. Zacks Investment Research raised Starbucks Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, September 6th. UBS AG set a $67.00 target price on Starbucks Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Jefferies Group LLC reissued an “average” rating and issued a $65.00 target price on shares of Starbucks Corporation in a research report on Friday, July 28th. Finally, Mizuho reissued a “buy” rating and issued a $75.00 target price on shares of Starbucks Corporation in a research report on Friday, September 29th. Thirteen analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Starbucks Corporation presently has a consensus rating of “Buy” and a consensus target price of $64.24.
Starbucks Corporation (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.55. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The business had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same period in the prior year, the business posted $0.49 earnings per share. Starbucks Corporation’s revenue for the quarter was up 8.1% compared to the same quarter last year.
In related news, Director Myron E. Ullman III sold 22,966 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $53.41, for a total value of $1,226,614.06. Following the completion of the sale, the director now directly owns 36,966 shares in the company, valued at $1,974,354.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Culver sold 64,776 shares of the company’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the completion of the sale, the insider now owns 390,341 shares of the company’s stock, valued at $20,898,857.14. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
Starbucks Corporation Company Profile
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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