PNC Financial Services Group Inc. Buys 5,930 Shares of Starbucks Co. (NASDAQ:SBUX)

PNC Financial Services Group Inc. increased its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 955,624 shares of the coffee company’s stock after acquiring an additional 5,930 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.08% of Starbucks worth $93,164,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Riverview Trust Co increased its stake in shares of Starbucks by 3.4% in the third quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock worth $312,000 after buying an additional 105 shares during the period. Essex Savings Bank increased its stake in shares of Starbucks by 1.6% in the third quarter. Essex Savings Bank now owns 7,250 shares of the coffee company’s stock worth $707,000 after buying an additional 112 shares during the period. DT Investment Partners LLC increased its stake in shares of Starbucks by 39.4% in the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock worth $42,000 after buying an additional 121 shares during the period. Childress Capital Advisors LLC increased its stake in shares of Starbucks by 4.8% in the third quarter. Childress Capital Advisors LLC now owns 2,727 shares of the coffee company’s stock worth $266,000 after buying an additional 126 shares during the period. Finally, Keystone Wealth Services LLC increased its stake in shares of Starbucks by 1.3% in the third quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock worth $990,000 after buying an additional 130 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

Shares of Starbucks stock opened at $98.35 on Wednesday. The stock has a market cap of $111.45 billion, a price-to-earnings ratio of 29.71, a PEG ratio of 2.85 and a beta of 0.97. The firm’s 50-day moving average is $97.01 and its 200 day moving average is $86.62. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $105.47.

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

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.61 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.48%. Starbucks’s payout ratio is presently 73.72%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SBUX shares. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $118.00 in a research note on Wednesday, August 14th. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, Wedbush reduced their price objective on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $99.07, for a total transaction of $143,849.64. Following the transaction, the chief financial officer now owns 65,648 shares in the company, valued at approximately $6,503,747.36. This represents a 2.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction 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 purchase, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is currently 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.