Sumitomo Mitsui Trust Group Inc. boosted its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 1.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,640,092 shares of the coffee company’s stock after buying an additional 41,389 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Starbucks were worth $257,383,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of the stock. Quent Capital LLC lifted its position in shares of Starbucks by 9.6% during the 1st quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock worth $401,000 after buying an additional 385 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in Starbucks by 10.4% during the first quarter. Avantax Advisory Services Inc. now owns 61,856 shares of the coffee company’s stock worth $5,653,000 after acquiring an additional 5,805 shares during the period. TBH Global Asset Management LLC boosted its position in Starbucks by 7.4% in the first quarter. TBH Global Asset Management LLC now owns 7,318 shares of the coffee company’s stock worth $669,000 after purchasing an additional 506 shares during the last quarter. Kingsview Wealth Management LLC grew its stake in Starbucks by 10.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 139,202 shares of the coffee company’s stock valued at $12,722,000 after purchasing an additional 13,540 shares during the period. Finally, HBK Sorce Advisory LLC increased its position in shares of Starbucks by 11.3% during the 1st quarter. HBK Sorce Advisory LLC now owns 9,507 shares of the coffee company’s stock valued at $869,000 after purchasing an additional 967 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by corporate insiders.
Starbucks Price Performance
Starbucks (NASDAQ:SBUX – Get Free Report) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the prior year, the firm earned $1.06 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts expect that Starbucks Co. will post 3.15 EPS for the current year.
Starbucks Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.47%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is currently 68.88%.
Analyst Ratings Changes
SBUX has been the subject of several research reports. BMO Capital Markets increased their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. Wedbush decreased their price target on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Stifel Nicolaus lifted their price target on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and boosted their target price for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and an average target price of $103.32.
Check Out Our Latest Stock Report on SBUX
Starbucks 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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