Kornitzer Capital Management Inc. KS Purchases 994 Shares of Starbucks Co. (NASDAQ:SBUX)

Kornitzer Capital Management Inc. KS lifted its position in Starbucks Co. (NASDAQ:SBUX) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,116 shares of the coffee company’s stock after buying an additional 994 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Starbucks were worth $2,546,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in SBUX. Quent Capital LLC raised its holdings in shares of Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock worth $401,000 after acquiring an additional 385 shares during the period. Empowered Funds LLC lifted its holdings in shares of Starbucks by 306.2% in the first quarter. Empowered Funds LLC now owns 59,019 shares of the coffee company’s stock valued at $5,394,000 after purchasing an additional 44,491 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Starbucks by 161.7% during the first quarter. SG Americas Securities LLC now owns 147,683 shares of the coffee company’s stock worth $13,497,000 after buying an additional 91,255 shares during the period. PFG Advisors grew its holdings in shares of Starbucks by 43.0% during the first quarter. PFG Advisors now owns 3,212 shares of the coffee company’s stock worth $294,000 after buying an additional 966 shares in the last quarter. Finally, Tectonic Advisors LLC raised its position in Starbucks by 1.6% in the 1st quarter. Tectonic Advisors LLC now owns 9,998 shares of the coffee company’s stock valued at $914,000 after buying an additional 159 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insider Activity

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction on Friday, September 6th. The stock was 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 in the company, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of Starbucks stock opened at $97.55 on Friday. The firm has a 50-day moving average of $96.07 and a 200-day moving average of $85.81. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The stock has a market cap of $110.54 billion, a PE ratio of 29.47, a PEG ratio of 2.78 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. Equities research analysts predict that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is 68.88%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Citigroup lifted their price target on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. DZ Bank downgraded shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research note on Wednesday, August 21st. BMO Capital Markets upped their target price on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. Finally, Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and raised their price target for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Two equities 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.32.

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.