Evergreen Wealth Management LLC Makes New $1.79 Million Investment in Starbucks Co. (NASDAQ:SBUX)

Evergreen Wealth Management LLC acquired a new position in shares of Starbucks Co. (NASDAQ:SBUX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,316 shares of the coffee company’s stock, valued at approximately $1,786,000.

Several other hedge funds have also recently bought and sold shares of the stock. Natixis Advisors LLC increased its stake in shares of Starbucks by 16.0% in the third quarter. Natixis Advisors LLC now owns 1,349,923 shares of the coffee company’s stock valued at $131,605,000 after buying an additional 185,962 shares in the last quarter. Archer Investment Corp increased its stake in shares of Starbucks by 10.2% in the third quarter. Archer Investment Corp now owns 2,301 shares of the coffee company’s stock valued at $224,000 after buying an additional 213 shares in the last quarter. Valley Wealth Managers Inc. increased its position in Starbucks by 2.4% in the third quarter. Valley Wealth Managers Inc. now owns 51,667 shares of the coffee company’s stock worth $5,037,000 after purchasing an additional 1,192 shares during the period. Empowered Funds LLC increased its position in Starbucks by 14.2% in the third quarter. Empowered Funds LLC now owns 39,941 shares of the coffee company’s stock worth $3,894,000 after purchasing an additional 4,966 shares during the period. Finally, Empirical Finance LLC increased its position in Starbucks by 2.1% in the third quarter. Empirical Finance LLC now owns 39,692 shares of the coffee company’s stock worth $3,870,000 after purchasing an additional 810 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of Starbucks stock traded down $0.20 on Friday, hitting $98.42. 8,119,864 shares of the company’s stock traded hands, compared to its average volume of 11,147,972. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The company has a fifty day moving average of $96.75 and a two-hundred day moving average of $86.19. The company has a market capitalization of $111.53 billion, a price-to-earnings ratio of 29.73, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The company had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 EPS. Equities research analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

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

Analyst Ratings Changes

SBUX has been the subject of a number of research reports. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. UBS Group lifted their price objective on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Finally, BMO Capital Markets raised their target price on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $102.81.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction dated 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 completion of the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.98% of the company’s stock.

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.