Eastern Bank Buys 970 Shares of Starbucks Co. (SBUX)
Eastern Bank grew its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 0.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 211,304 shares of the coffee company’s stock after purchasing an additional 970 shares during the quarter. Eastern Bank’s holdings in Starbucks were worth $12,135,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of SBUX. North American Management Corp increased its position in shares of Starbucks by 0.9% during the fourth quarter. North American Management Corp now owns 214,723 shares of the coffee company’s stock worth $12,332,000 after acquiring an additional 1,868 shares during the last quarter. Osborn Williams & Donohoe LLC increased its position in shares of Starbucks by 22.6% during the fourth quarter. Osborn Williams & Donohoe LLC now owns 84,241 shares of the coffee company’s stock worth $4,838,000 after acquiring an additional 15,514 shares during the last quarter. Reinhart Partners Inc. purchased a new stake in shares of Starbucks during the fourth quarter worth about $502,000. First Manhattan Co. increased its position in shares of Starbucks by 29.6% during the fourth quarter. First Manhattan Co. now owns 27,449 shares of the coffee company’s stock worth $1,576,000 after acquiring an additional 6,268 shares during the last quarter. Finally, Stack Financial Management Inc purchased a new stake in shares of Starbucks during the fourth quarter worth about $24,645,000. Institutional investors own 71.87% of the company’s stock.
Starbucks Co. (SBUX) opened at $55.40 on Friday. The company has a market capitalization of $77,870.00, a P/E ratio of 18.59, a PEG ratio of 1.55 and a beta of 0.70. Starbucks Co. has a fifty-two week low of $52.58 and a fifty-two week high of $64.87. The company has a current ratio of 1.01, a quick ratio of 0.81 and a debt-to-equity ratio of 0.79.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, February 8th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Wednesday, February 7th. Starbucks’s dividend payout ratio (DPR) is presently 40.27%.
A number of brokerages have recently issued reports on SBUX. Credit Suisse Group dropped their target price on Starbucks from $56.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, November 3rd. Deutsche Bank reaffirmed a “buy” rating and set a $63.00 target price on shares of Starbucks in a research report on Friday, January 26th. OTR Global raised Starbucks to a “positive” rating in a report on Thursday, October 26th. BMO Capital Markets boosted their price objective on Starbucks to $58.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Finally, Nomura lowered their price objective on Starbucks from $67.00 to $63.00 and set a “buy” rating for the company in a report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Starbucks currently has an average rating of “Buy” and a consensus target price of $64.63.
In other news, insider Clifford Burrows sold 162,826 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $57.02, for a total transaction of $9,284,338.52. Following the completion of the transaction, the insider now directly owns 331,829 shares in the company, valued at $18,920,889.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joshua Cooper Ramo sold 60,000 shares of the business’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 disclosure for this sale can be found here. Insiders have sold 247,826 shares of company stock valued at $14,213,139 over the last ninety days. Corporate insiders own 3.40% of the company’s stock.
Starbucks 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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