49 Wealth Management LLC Makes New $453,000 Investment in Starbucks Co. (NASDAQ:SBUX)

49 Wealth Management LLC bought a new position in Starbucks Co. (NASDAQ:SBUX) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,950 shares of the coffee company’s stock, valued at approximately $453,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SBUX. Orca Investment Management LLC raised its position in Starbucks by 6.6% in the 4th quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock worth $719,000 after buying an additional 466 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Starbucks by 481.9% during the fourth quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock valued at $148,567,000 after purchasing an additional 1,281,471 shares during the last quarter. Cox Capital Mgt LLC lifted its position in Starbucks by 41.9% during the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after purchasing an additional 13,372 shares during the period. Summa Corp. purchased a new stake in Starbucks in the fourth quarter worth approximately $384,000. Finally, Brevan Howard Capital Management LP bought a new stake in Starbucks in the 4th quarter worth approximately $2,781,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Up 2.1 %

SBUX traded up $1.53 on Friday, hitting $74.83. The company had a trading volume of 10,559,272 shares, compared to its average volume of 9,733,452. The business’s fifty day simple moving average is $77.87 and its 200 day simple moving average is $86.53. Starbucks Co. has a 12-month low of $71.80 and a 12-month high of $107.66. The company has a market cap of $84.76 billion, a PE ratio of 20.61, a PEG ratio of 1.63 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last announced its 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 negative return on equity of 49.91% and a net margin of 11.38%. The company had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same quarter last year, the firm posted $0.74 EPS. Starbucks’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts anticipate that Starbucks Co. will post 3.58 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $0.57 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 3.05%. Starbucks’s payout ratio is presently 62.81%.

Insider Activity

In other news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction 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 directly owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,750 shares of company stock worth $878,893. Corporate insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SBUX. JPMorgan Chase & Co. cut their price objective on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday. Robert W. Baird cut their price target on Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 18th. Guggenheim lowered their price objective on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Friday, April 19th. Finally, Piper Sandler dropped their price target on shares of Starbucks from $88.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. Seventeen analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Starbucks has a consensus rating of “Hold” and an average target price of $93.75.

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.