Fort Pitt Capital Group LLC Purchases 35,055 Shares of Starbucks Co. (NASDAQ:SBUX)

Fort Pitt Capital Group LLC lifted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,525,678 shares of the coffee company’s stock after acquiring an additional 35,055 shares during the quarter. Starbucks accounts for approximately 4.2% of Fort Pitt Capital Group LLC’s portfolio, making the stock its 4th largest holding. Fort Pitt Capital Group LLC owned about 0.13% of Starbucks worth $148,738,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SBUX. Strategic Investment Solutions Inc. IL acquired a new position in Starbucks during the second quarter worth about $25,000. New Millennium Group LLC acquired a new position in Starbucks during the second quarter worth about $26,000. Stephens Consulting LLC grew its position in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after purchasing an additional 279 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Starbucks in the second quarter valued at approximately $27,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Starbucks in the second quarter valued at approximately $31,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group increased their price target on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus increased their price target on shares of Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday. Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and increased their price target for the company from $80.00 to $120.00 in a research report on Wednesday, August 14th. Citigroup increased their price target on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Robert W. Baird upgraded shares of 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 report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Starbucks has an average rating of “Moderate Buy” and an average price target of $103.32.

Insider Transactions at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.98% of the company’s stock.

Starbucks Stock Up 1.2 %

Starbucks stock opened at $98.87 on Friday. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The firm has a fifty day moving average of $95.98 and a 200-day moving average of $85.47. The firm has a market capitalization of $112.04 billion, a P/E ratio of 29.87, a PEG ratio of 2.66 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the prior year, the business earned $1.06 earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, research analysts expect that Starbucks Co. will post 3.42 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.61 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.47%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. 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.