State Street Corp lifted its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 3.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 45,619,709 shares of the coffee company’s stock after acquiring an additional 1,499,524 shares during the period. State Street Corp owned approximately 3.98% of Starbucks worth $4,519,088,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. Freedom Wealth Alliance LLC purchased a new stake in Starbucks in the fourth quarter valued at approximately $26,000. Moser Wealth Advisors LLC purchased a new stake in Starbucks in the 2nd quarter worth approximately $30,000. WFA of San Diego LLC acquired a new position in shares of Starbucks during the 2nd quarter worth approximately $30,000. Solstein Capital LLC raised its stake in shares of Starbucks by 67.4% during the 2nd quarter. Solstein Capital LLC now owns 318 shares of the coffee company’s stock worth $32,000 after buying an additional 128 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Starbucks during the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 70.13% of the company’s stock.
Starbucks Stock Performance
Shares of NASDAQ SBUX traded up $0.47 during mid-day trading on Wednesday, reaching $96.01. 2,266,938 shares of the company’s stock were exchanged, compared to its average volume of 6,479,325. The firm has a market capitalization of $109.13 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 1.44 and a beta of 0.97. Starbucks Co. has a 52-week low of $89.21 and a 52-week high of $115.48. The company’s 50-day moving average is $97.35 and its 200-day moving average is $98.29.
Starbucks (NASDAQ:SBUX – Get Free Report) last released its quarterly earnings results on Thursday, November 2nd. The coffee company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.09. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a negative return on equity of 48.79% and a net margin of 11.47%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 EPS. As a group, equities analysts predict that Starbucks Co. will post 4.15 earnings per share for the current fiscal year.
Starbucks Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, February 8th. Starbucks’s dividend payout ratio (DPR) is 63.69%.
Insider Activity at Starbucks
In related news, EVP Sara Kelly sold 250 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $104.45, for a total transaction of $26,112.50. Following the completion of the transaction, the executive vice president now directly owns 47,532 shares in the company, valued at approximately $4,964,717.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Sara Kelly sold 250 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $104.45, for a total transaction of $26,112.50. Following the sale, the executive vice president now owns 47,532 shares of the company’s stock, valued at approximately $4,964,717.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rachel Ruggeri sold 504 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $105.66, for a total value of $53,252.64. Following the sale, the chief financial officer now directly owns 75,027 shares in the company, valued at approximately $7,927,352.82. The disclosure for this sale can be found here. Insiders sold 7,254 shares of company stock worth $760,370 in the last three months. 1.98% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on SBUX shares. Deutsche Bank Aktiengesellschaft started coverage on Starbucks in a research note on Thursday, October 19th. They set a “buy” rating and a $118.00 target price for the company. TD Cowen downgraded Starbucks from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $117.00 to $107.00 in a research note on Tuesday, September 19th. William Blair reissued an “outperform” rating on shares of Starbucks in a research note on Monday, November 6th. Jefferies Financial Group reduced their price objective on Starbucks from $107.00 to $100.00 in a research note on Tuesday, October 3rd. Finally, Barclays reduced their price objective on Starbucks from $123.00 to $116.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.52.
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.