Fortitude Family Office LLC Purchases 2,345 Shares of Starbucks Co. (NASDAQ:SBUX)

Fortitude Family Office LLC lifted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 794.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,640 shares of the coffee company’s stock after purchasing an additional 2,345 shares during the period. Fortitude Family Office LLC’s holdings in Starbucks were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SBUX. Aviance Capital Partners LLC bought a new stake in shares of Starbucks in the 1st quarter valued at about $330,000. Allspring Global Investments Holdings LLC increased its position in Starbucks by 95.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 312,309 shares of the coffee company’s stock valued at $28,542,000 after purchasing an additional 152,849 shares during the period. Naviter Wealth LLC increased its position in Starbucks by 22.6% during the 1st quarter. Naviter Wealth LLC now owns 16,561 shares of the coffee company’s stock valued at $1,514,000 after purchasing an additional 3,050 shares during the period. Azzad Asset Management Inc. ADV lifted its position in shares of Starbucks by 32.1% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 30,089 shares of the coffee company’s stock worth $2,750,000 after purchasing an additional 7,316 shares during the period. Finally, Evolution Wealth Advisors LLC bought a new stake in shares of Starbucks in the 1st quarter valued at $236,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Up 0.7 %

SBUX stock opened at $98.02 on Tuesday. The firm has a market capitalization of $111.08 billion, a PE ratio of 27.46, a P/E/G ratio of 2.59 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The stock’s 50 day moving average is $95.59 and its 200-day moving average is $85.11.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same period last year, the business earned $1.00 EPS. The business’s revenue was down .6% on a year-over-year basis. On average, equities research analysts anticipate that Starbucks Co. will post 3.34 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is presently 63.87%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SBUX. Bank of America dropped their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. UBS Group upped their target price on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and cut their price target for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.48.

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.