Diamond Hill Capital Management Inc. Sells 279,362 Shares of Starbucks Co. (SBUX)
Diamond Hill Capital Management Inc. lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 98.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,679 shares of the coffee company’s stock after selling 279,362 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Starbucks were worth $366,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Standard Life Aberdeen plc grew its position in Starbucks by 5.4% in the third quarter. Standard Life Aberdeen plc now owns 653,570 shares of the coffee company’s stock worth $37,153,000 after acquiring an additional 33,573 shares in the last quarter. Landsberg Bennett & Dubbaneh LLC purchased a new position in Starbucks in the fourth quarter worth about $1,468,000. CI Global Investments Inc. grew its position in Starbucks by 1.3% in the third quarter. CI Global Investments Inc. now owns 120,363 shares of the coffee company’s stock worth $6,841,000 after acquiring an additional 1,523 shares in the last quarter. D.A. Davidson & CO. grew its position in Starbucks by 1.4% in the fourth quarter. D.A. Davidson & CO. now owns 320,543 shares of the coffee company’s stock worth $20,643,000 after acquiring an additional 4,531 shares in the last quarter. Finally, Godsey & Gibb Associates grew its position in Starbucks by 5.9% in the third quarter. Godsey & Gibb Associates now owns 258,055 shares of the coffee company’s stock worth $14,668,000 after acquiring an additional 14,439 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.
Shares of NASDAQ SBUX opened at $70.67 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.41 and a debt-to-equity ratio of 7.73. The company has a market capitalization of $87.89 billion, a P/E ratio of 29.20, a PEG ratio of 2.01 and a beta of 0.50. Starbucks Co. has a 52-week low of $47.37 and a 52-week high of $72.18.
The company also recently declared a quarterly dividend, which was paid on Friday, February 22nd. Investors of record on Thursday, February 7th were issued a $0.36 dividend. The ex-dividend date was Wednesday, February 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.04%. Starbucks’s payout ratio is 59.50%.
Several research firms recently commented on SBUX. BidaskClub lowered Starbucks from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 4th. BMO Capital Markets lifted their price target on Starbucks to $63.00 and gave the stock a “market perform” rating in a research report on Friday, December 14th. They noted that the move was a valuation call. Mizuho set a $75.00 target price on Starbucks and gave the company a “buy” rating in a research report on Friday, December 14th. Bank of America set a $68.00 target price on Starbucks and gave the company a “buy” rating in a research report on Monday, December 10th. Finally, Wells Fargo & Co restated an “outperform” rating and set a $73.00 target price (up previously from $66.00) on shares of Starbucks in a research report on Friday, December 14th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have given a buy rating to the company. Starbucks has a consensus rating of “Hold” and an average price target of $67.01.
In related news, insider Clifford Burrows sold 152,634 shares of the business’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $67.22, for a total value of $10,260,057.48. Following the completion of the sale, the insider now owns 311,083 shares in the company, valued at $20,910,999.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vivek C. Varma sold 73,242 shares of the business’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $68.36, for a total value of $5,006,823.12. Following the completion of the sale, the executive vice president now owns 140,882 shares of the company’s stock, valued at approximately $9,630,693.52. The disclosure for this sale can be found here. Insiders sold 565,806 shares of company stock valued at $38,789,988 in the last quarter. 3.98% of the stock is owned by company insiders.
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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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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