Zhang Financial LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,154 shares of the coffee company’s stock after selling 306 shares during the period. Zhang Financial LLC’s holdings in Starbucks were worth $317,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in SBUX. Norges Bank acquired a new stake in shares of Starbucks during the fourth quarter worth $1,189,240,000. BlackRock Inc. raised its holdings in shares of Starbucks by 10.3% during the fourth quarter. BlackRock Inc. now owns 82,463,592 shares of the coffee company’s stock worth $9,645,766,000 after purchasing an additional 7,672,037 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Starbucks by 2.8% during the first quarter. Vanguard Group Inc. now owns 101,414,654 shares of the coffee company’s stock worth $9,225,691,000 after purchasing an additional 2,733,608 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Starbucks by 28.0% during the first quarter. Capital Research Global Investors now owns 10,948,617 shares of the coffee company’s stock worth $995,996,000 after purchasing an additional 2,395,500 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Starbucks during the first quarter worth $190,270,000. 67.97% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
SBUX has been the subject of several recent research reports. Barclays raised their target price on shares of Starbucks from $96.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, September 14th. Piper Sandler raised their target price on shares of Starbucks from $84.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, September 16th. Wedbush raised their target price on shares of Starbucks from $86.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, September 14th. Fubon Bank raised shares of Starbucks from a “neutral” rating to a “buy” rating and set a $103.00 price objective for the company in a report on Wednesday, September 14th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Starbucks from $93.00 to $101.00 and gave the company a “buy” rating in a report on Thursday, September 15th. Sixteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $104.71.
Insider Buying and Selling at Starbucks
Starbucks Trading Down 4.4 %
SBUX opened at $84.70 on Friday. The firm has a market capitalization of $97.18 billion, a PE ratio of 23.86, a PEG ratio of 2.39 and a beta of 0.94. Starbucks Co. has a twelve month low of $68.39 and a twelve month high of $117.80. The firm’s 50-day moving average price is $86.02 and its 200 day moving average price is $81.48.
Starbucks (NASDAQ:SBUX – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The coffee company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. The firm had revenue of $8.15 billion for the quarter, compared to analyst estimates of $8.22 billion. Starbucks had a net margin of 13.03% and a negative return on equity of 47.28%. During the same period in the previous year, the business posted $1.01 earnings per share. As a group, analysts predict that Starbucks Co. will post 2.88 earnings per share for the current fiscal year.
Starbucks Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were issued a $0.49 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $1.96 annualized dividend and a yield of 2.31%. Starbucks’s payout ratio is 55.21%.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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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