First Trust Direct Indexing L.P. lifted its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 8.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,103 shares of the coffee company’s stock after acquiring an additional 2,267 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Starbucks were worth $2,568,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Starbucks by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 107,933,270 shares of the coffee company’s stock valued at $10,362,673,000 after acquiring an additional 1,041,622 shares in the last quarter. Norges Bank bought a new position in shares of Starbucks during the fourth quarter valued at approximately $1,240,652,000. Fisher Asset Management LLC raised its holdings in shares of Starbucks by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after acquiring an additional 268,030 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of 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 valued at $948,093,000 after acquiring an additional 27,496 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Starbucks by 3.1% during the fourth quarter. Franklin Resources Inc. now owns 5,511,378 shares of the coffee company’s stock valued at $529,147,000 after acquiring an additional 166,010 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on SBUX shares. Deutsche Bank Aktiengesellschaft downgraded Starbucks from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $108.00 to $89.00 in a report on Wednesday, May 1st. DZ Bank downgraded Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a report on Friday, May 3rd. Jefferies Financial Group decreased their price objective on Starbucks from $94.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, May 1st. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Finally, Piper Sandler decreased their price objective on Starbucks from $88.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Seventeen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Starbucks presently has a consensus rating of “Hold” and a consensus target price of $94.54.
Get Our Latest Analysis on SBUX
Starbucks Stock Down 0.7 %
SBUX stock opened at $76.26 on Friday. Starbucks Co. has a twelve month low of $71.80 and a twelve month high of $107.66. The stock has a market cap of $86.38 billion, a P/E ratio of 21.01, a PEG ratio of 1.67 and a beta of 0.94. The business’s 50-day moving average price is $78.74 and its 200-day moving average price is $87.50.
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. On average, equities research analysts expect that Starbucks Co. will post 3.58 earnings per share for the current fiscal year.
Starbucks Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.99%. The ex-dividend date is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.
Insider Activity at Starbucks
In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the transaction, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,750 shares of company stock valued at $878,893. 1.98% of the stock is owned by company insiders.
About Starbucks
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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