Swedbank AB reduced its position in Starbucks Co. (NASDAQ:SBUX – Free Report) by 3.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 549,996 shares of the coffee company’s stock after selling 20,215 shares during the period. Swedbank AB’s holdings in Starbucks were worth $42,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Lorne Steinberg Wealth Management Inc. boosted its stake in shares of Starbucks by 1.4% in the 2nd quarter. Lorne Steinberg Wealth Management Inc. now owns 46,155 shares of the coffee company’s stock worth $3,593,000 after buying an additional 635 shares during the last quarter. ERn Financial LLC boosted its stake in shares of Starbucks by 7.1% in the 2nd quarter. ERn Financial LLC now owns 4,836 shares of the coffee company’s stock worth $376,000 after buying an additional 322 shares during the last quarter. Westside Investment Management Inc. lifted its position in Starbucks by 3.3% during the second quarter. Westside Investment Management Inc. now owns 13,220 shares of the coffee company’s stock valued at $1,039,000 after purchasing an additional 422 shares in the last quarter. Brown Lisle Cummings Inc. lifted its position in Starbucks by 1.8% during the second quarter. Brown Lisle Cummings Inc. now owns 8,302 shares of the coffee company’s stock valued at $646,000 after purchasing an additional 150 shares in the last quarter. Finally, Manchester Financial Inc. lifted its position in Starbucks by 5.3% during the second quarter. Manchester Financial Inc. now owns 27,482 shares of the coffee company’s stock valued at $2,139,000 after purchasing an additional 1,392 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the company. DZ Bank downgraded Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price objective on the stock. in a research report on Friday, May 3rd. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $120.00 in a research report on Wednesday. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $85.00 to $103.00 in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. Twelve research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.79.
Check Out Our Latest Stock Report on SBUX
Insider Activity
In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Insiders have sold 10,540 shares of company stock worth $879,291 in the last ninety days. Company insiders own 1.98% of the company’s stock.
Starbucks Stock Performance
NASDAQ SBUX opened at $94.81 on Friday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The firm has a market capitalization of $107.44 billion, a P/E ratio of 26.12, a PEG ratio of 1.80 and a beta of 0.94. The stock has a 50-day simple moving average of $78.23 and a two-hundred day simple moving average of $84.00.
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same period last year, the firm earned $1.00 EPS. The company’s quarterly revenue was down .6% on a year-over-year basis. As a group, analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.
Starbucks Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.
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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