Granite Group Advisors LLC Buys 2,866 Shares of Starbucks Co. (NASDAQ:SBUX)

Granite Group Advisors LLC boosted its position in Starbucks Co. (NASDAQ:SBUX) by 10.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,509 shares of the coffee company’s stock after purchasing an additional 2,866 shares during the period. Starbucks makes up about 2.0% of Granite Group Advisors LLC’s portfolio, making the stock its 5th largest holding. Granite Group Advisors LLC’s holdings in Starbucks were worth $3,072,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Starbucks by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after purchasing an additional 470,498 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Starbucks by 2.6% in the second quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock valued at $678,923,000 after buying an additional 221,718 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in shares of Starbucks during the 1st quarter valued at $415,167,000. Van ECK Associates Corp boosted its stake in shares of Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after acquiring an additional 2,324,847 shares in the last quarter. Finally, Sustainable Growth Advisers LP boosted its position in shares of Starbucks by 14.6% in the 1st quarter. Sustainable Growth Advisers LP now owns 4,275,461 shares of the coffee company’s stock valued at $390,734,000 after purchasing an additional 544,644 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 sale, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SBUX. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and increased their target price for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Morgan Stanley raised their price target on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. TD Cowen reiterated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research note on Wednesday, October 23rd. Barclays decreased their target price on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Finally, UBS Group upped their price target on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.32.

Starbucks Stock Performance

Shares of Starbucks stock traded up $1.17 during trading on Friday, reaching $97.29. The company’s stock had a trading volume of 600,463 shares, compared to its average volume of 11,185,270. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm has a market cap of $110.25 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 2.78 and a beta of 0.97. The business’s fifty day moving average price is $95.99 and its 200-day moving average price is $85.67.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the business posted $1.06 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts anticipate that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The business 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 is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.51%. Starbucks’s dividend payout ratio is 68.88%.

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.