Posted by Defense World Staff on Jun 24th, 2024
City Holding Co. grew its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 14.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,141 shares of the coffee company’s stock after purchasing an additional 2,143 shares during the quarter. City Holding Co.’s holdings in Starbucks were worth $1,566,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Vima LLC bought a new position in Starbucks in the 4th quarter worth $26,000. Scarborough Advisors LLC bought a new position in Starbucks in the 4th quarter worth $26,000. DSM Capital Partners LLC bought a new position in Starbucks in the 4th quarter worth $27,000. Riggs Asset Managment Co. Inc. raised its holdings in Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after acquiring an additional 300 shares during the period. Finally, Fairman Group LLC bought a new position in Starbucks in the 4th quarter worth $30,000. Institutional investors own 72.29% of the company’s stock.
Starbucks Stock Down 0.3 %
NASDAQ:SBUX traded down $0.27 on Monday, reaching $79.64. The stock had a trading volume of 998,358 shares, compared to its average volume of 10,321,970. The company has a market capitalization of $90.21 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 1.74 and a beta of 0.96. Starbucks Co. has a 1-year low of $71.80 and a 1-year high of $107.66. The stock has a fifty day moving average price of $80.39 and a 200-day moving average price of $88.60.
Starbucks (NASDAQ:SBUX – Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. During the same quarter last year, the firm earned $0.74 earnings per share. Starbucks’s quarterly revenue was down 1.8% on a year-over-year basis. Sell-side analysts predict that Starbucks Co. will post 3.59 earnings per share for the current fiscal year.
Starbucks Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 2.86%. Starbucks’s dividend payout ratio (DPR) is currently 62.81%.
Analysts Set New Price Targets
Several brokerages recently commented on SBUX. Deutsche Bank Aktiengesellschaft downgraded shares of Starbucks from a “buy” rating to a “hold” rating and dropped their target price for the stock from $108.00 to $89.00 in a report on Wednesday, May 1st. BTIG Research dropped their target price on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Bank of America boosted their price objective on shares of Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, June 10th. JPMorgan Chase & Co. dropped their price objective on shares of Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Finally, TD Cowen restated a “hold” rating and set a $85.00 price objective on shares of Starbucks in a report on Thursday, June 13th. Seventeen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Starbucks has an average rating of “Hold” and a consensus price target of $95.00.
Check Out Our Latest Report on Starbucks
Insider Activity
In related news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the transaction, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The disclosure for this sale can be found here. Insiders have sold 10,750 shares of company stock valued at $878,893 over the last three months. 1.98% of the stock is owned by insiders.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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