Ostrum Asset Management raised its holdings in shares of Starbucks (NASDAQ:SBUX) by 717.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 22,206 shares of the coffee company’s stock after purchasing an additional 19,489 shares during the period. Ostrum Asset Management’s holdings in Starbucks were worth $1,286,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Bedel Financial Consulting Inc. purchased a new position in shares of Starbucks in the 1st quarter worth approximately $104,000. Taylor Hoffman Wealth Management purchased a new position in shares of Starbucks in the 4th quarter worth approximately $107,000. Prime Capital Investment Advisors LLC purchased a new position in shares of Starbucks in the 4th quarter worth approximately $113,000. Transamerica Financial Advisors Inc. purchased a new position in shares of Starbucks in the 1st quarter worth approximately $118,000. Finally, Gradient Investments LLC purchased a new position in shares of Starbucks in the 4th quarter worth approximately $117,000. 72.18% of the stock is currently owned by institutional investors and hedge funds.
Shares of Starbucks opened at $56.48 on Wednesday, according to MarketBeat.com. The company has a quick ratio of 0.83, a current ratio of 1.09 and a debt-to-equity ratio of 1.31. Starbucks has a 12 month low of $52.58 and a 12 month high of $61.94. The company has a market cap of $77.94 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61.
Starbucks declared that its board has initiated a stock repurchase plan on Thursday, April 26th that permits the company to repurchase 0 shares. This repurchase authorization permits the coffee company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 25th. Shareholders of record on Thursday, May 10th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.12%. The ex-dividend date was Wednesday, May 9th. Starbucks’s payout ratio is 58.25%.
Several research firms have weighed in on SBUX. Cowen downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $68.00 to $65.00 in a research report on Friday, April 13th. Wedbush reissued a “hold” rating and set a $58.00 target price on shares of Starbucks in a research report on Friday, April 27th. Piper Jaffray Companies reissued an “overweight” rating on shares of Starbucks in a research report on Friday, April 27th. UBS Group set a $66.00 target price on shares of Starbucks and gave the stock a “buy” rating in a research report on Thursday, March 15th. Finally, Zacks Investment Research raised shares of Starbucks from a “sell” rating to a “hold” rating in a research report on Friday, April 20th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and nineteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $64.20.
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.
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks (NASDAQ:SBUX).
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.