Starbucks Co. (NASDAQ:SBUX) Shares Bought by Palmer Knight Co

Palmer Knight Co lifted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 0.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,850 shares of the coffee company’s stock after buying an additional 224 shares during the period. Starbucks comprises 3.3% of Palmer Knight Co’s investment portfolio, making the stock its 17th biggest holding. Palmer Knight Co’s holdings in Starbucks were worth $7,395,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Riverview Trust Co increased its position in Starbucks by 3.4% in the 3rd quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock valued at $312,000 after acquiring an additional 105 shares during the period. DT Investment Partners LLC grew 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 purchasing an additional 121 shares in the last quarter. Childress Capital Advisors LLC increased its holdings in shares of Starbucks by 4.8% during the third quarter. Childress Capital Advisors LLC now owns 2,727 shares of the coffee company’s stock valued at $266,000 after purchasing an additional 126 shares during the period. Keystone Wealth Services LLC raised its stake in shares of Starbucks by 1.3% during the third quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock valued at $990,000 after purchasing an additional 130 shares in the last quarter. Finally, Chicago Capital LLC lifted its holdings in Starbucks by 0.6% in the third quarter. Chicago Capital LLC now owns 21,129 shares of the coffee company’s stock worth $2,060,000 after purchasing an additional 132 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Trading Up 0.0 %

Shares of Starbucks stock opened at $96.12 on Friday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The stock has a 50-day moving average price of $95.99 and a 200 day moving average price of $85.67. The company has a market cap of $108.92 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.81 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. The business had revenue of $9.07 billion during 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%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company posted $1.06 earnings per share. On average, equities analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.54%. Starbucks’s dividend payout ratio is 73.72%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $76.00 in a research report on Tuesday, September 24th. Barclays dropped their target price on Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and increased their price target for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Finally, BTIG Research raised their target price on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.32.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by corporate insiders.

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.