Commonwealth Bank of Australia Acquires 11,900 Shares of Starbucks Co. (SBUX)

Commonwealth Bank of Australia raised its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 15.7% in the 3rd quarter, Holdings Channel reports. The firm owned 87,913 shares of the coffee company’s stock after purchasing an additional 11,900 shares during the quarter. Commonwealth Bank of Australia’s holdings in Starbucks were worth $4,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in SBUX. Twin Capital Management Inc. boosted its holdings in shares of Starbucks by 3.9% during the third quarter. Twin Capital Management Inc. now owns 142,220 shares of the coffee company’s stock valued at $8,084,000 after acquiring an additional 5,380 shares during the period. MML Investors Services LLC boosted its holdings in shares of Starbucks by 114.1% during the third quarter. MML Investors Services LLC now owns 178,388 shares of the coffee company’s stock valued at $10,140,000 after acquiring an additional 95,050 shares during the period. Motco boosted its holdings in shares of Starbucks by 79.8% during the third quarter. Motco now owns 149,574 shares of the coffee company’s stock valued at $8,502,000 after acquiring an additional 66,403 shares during the period. United Asset Strategies Inc. boosted its holdings in shares of Starbucks by 3.3% during the third quarter. United Asset Strategies Inc. now owns 50,945 shares of the coffee company’s stock valued at $2,896,000 after acquiring an additional 1,619 shares during the period. Finally, Gruss & Co. Inc. boosted its holdings in shares of Starbucks by 50.0% during the third quarter. Gruss & Co. Inc. now owns 15,000 shares of the coffee company’s stock valued at $853,000 after acquiring an additional 5,000 shares during the period. Hedge funds and other institutional investors own 71.14% of the company’s stock.

In other Starbucks news, Director Javier G. Teruel sold 166,666 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $52.70, for a total value of $8,783,298.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Myron E. Ullman III sold 99,166 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were 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 $1,596,450. The disclosure for this sale can be found here. 3.48% of the stock is currently owned by corporate insiders.

SBUX stock opened at $67.91 on Tuesday. The stock has a market capitalization of $91.95 billion, a P/E ratio of 28.06, a P/E/G ratio of 1.91 and a beta of 0.48. Starbucks Co. has a fifty-two week low of $47.37 and a fifty-two week high of $68.98. The company has a debt-to-equity ratio of 7.73, a current ratio of 2.20 and a quick ratio of 1.95.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.02. The business had revenue of $6.30 billion during the quarter, compared to the consensus estimate of $6.28 billion. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.55 earnings per share. On average, analysts anticipate that Starbucks Co. will post 2.65 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Thursday, November 15th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Wednesday, November 14th. Starbucks’s payout ratio is 59.50%.

SBUX has been the subject of several analyst reports. BMO Capital Markets set a $51.00 price target on shares of Starbucks and gave the company a “hold” rating in a report on Monday, July 23rd. Wedbush reduced their price target on shares of Starbucks from $54.00 to $53.00 and set a “neutral” rating for the company in a report on Friday, July 27th. Oppenheimer reduced their price target on shares of Starbucks from $66.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, July 27th. Zacks Investment Research downgraded shares of Starbucks from a “hold” rating to a “sell” rating in a report on Monday, August 6th. Finally, BidaskClub raised shares of Starbucks from a “sell” rating to a “hold” rating in a report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $64.69.

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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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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