Coston McIsaac & Partners trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 17.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,436 shares of the coffee company’s stock after selling 9,701 shares during the quarter. Coston McIsaac & Partners’ holdings in Starbucks were worth $4,145,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of SBUX. Wellington Management Group LLP raised its position in Starbucks by 100.6% in the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock valued at $1,476,967,000 after buying an additional 7,598,146 shares during the last quarter. FMR LLC grew its stake in shares of Starbucks by 55.0% during the 3rd quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock worth $1,928,339,000 after acquiring an additional 7,015,375 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Starbucks by 1,491.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock valued at $256,282,000 after purchasing an additional 2,632,087 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Starbucks by 1,078.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock worth $248,153,000 after purchasing an additional 2,329,431 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in Starbucks during the third quarter worth $126,574,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
SBUX has been the topic of several recent research reports. TD Cowen reiterated a “buy” rating and issued a $110.00 price target on shares of Starbucks in a research note on Monday, November 11th. Morgan Stanley lifted their target price on Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $115.00 price target on shares of Starbucks in a research report on Friday, January 24th. Wells Fargo & Company boosted their price target on Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Redburn Atlantic reiterated a “sell” rating and set a $77.00 price objective (down previously from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.52.
Insider Activity
In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. This trade represents a 1.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.98% of the stock is owned by company insiders.
Starbucks Price Performance
SBUX opened at $108.58 on Thursday. The company has a market capitalization of $123.11 billion, a PE ratio of 32.80, a price-to-earnings-growth ratio of 2.91 and a beta of 0.99. The business has a fifty day simple moving average of $95.70 and a 200 day simple moving average of $92.89. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $110.08.
Starbucks (NASDAQ:SBUX – Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. During the same period in the prior year, the firm earned $0.90 EPS. Equities analysts anticipate that Starbucks Co. will post 3.08 earnings per share for the current fiscal year.
Starbucks Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.61 per share. The ex-dividend date is Friday, February 14th. This represents a $2.44 annualized dividend and a dividend yield of 2.25%. Starbucks’s dividend payout ratio is presently 73.72%.
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.
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