Deltec Asset Management LLC bought a new position in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,200 shares of the coffee company’s stock, valued at approximately $1,024,000.
Several other large investors have also added to or reduced their stakes in SBUX. Vanguard Group Inc. raised its position in Starbucks by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 107,933,270 shares of the coffee company’s stock worth $10,362,673,000 after acquiring an additional 1,041,622 shares in the last quarter. Norges Bank bought a new stake in Starbucks during the fourth quarter worth $1,240,652,000. Fisher Asset Management LLC raised its position in Starbucks by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock worth $1,091,378,000 after acquiring an additional 268,030 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Starbucks by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,027,953 shares of the coffee company’s stock worth $948,093,000 after acquiring an additional 27,496 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Starbucks by 3.1% during the fourth quarter. Franklin Resources Inc. now owns 5,511,378 shares of the coffee company’s stock worth $529,147,000 after acquiring an additional 166,010 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.
Starbucks Stock Performance
Shares of Starbucks stock traded down $1.39 during midday trading on Friday, hitting $77.85. 13,207,542 shares of the company traded hands, compared to its average volume of 10,825,160. The stock has a market cap of $88.18 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 1.70 and a beta of 0.96. The firm’s fifty day moving average price is $79.66 and its 200-day moving average price is $87.95. Starbucks Co. has a 12 month low of $71.80 and a 12 month high of $107.66.
Starbucks (NASDAQ:SBUX – Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. Equities research analysts forecast that Starbucks Co. will post 3.59 earnings per share for the current year.
Starbucks Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.
Insider Activity at Starbucks
In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 sale, the chief executive officer now directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares in the company, valued at approximately $6,933,582.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 65,431 shares in the company, valued at approximately $5,234,480. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,750 shares of company stock valued at $878,893. 1.98% of the stock is owned by insiders.
Analyst Ratings Changes
SBUX has been the topic of several research analyst reports. DZ Bank lowered shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price objective on the stock. in a research report on Friday, May 3rd. TD Cowen reissued a “hold” rating and issued a $85.00 price objective on shares of Starbucks in a research report on Thursday, June 13th. UBS Group dropped their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Morgan Stanley dropped their price objective on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, April 12th. Finally, Piper Sandler dropped their price objective on shares of Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Seventeen analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $94.54.
View Our Latest Research Report on SBUX
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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