Starbucks Co. (NASDAQ:SBUX) Shares Purchased by Canopy Partners LLC

Canopy Partners LLC grew its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 13.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,936 shares of the coffee company’s stock after acquiring an additional 1,571 shares during the quarter. Canopy Partners LLC’s holdings in Starbucks were worth $1,261,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in Starbucks in the second quarter valued at approximately $25,000. New Millennium Group LLC acquired a new position in Starbucks in the 2nd quarter valued at $26,000. Stephens Consulting LLC raised its stake in Starbucks by 498.2% in the 2nd 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 position in Starbucks in the 2nd quarter valued at $27,000. Finally, Olistico Wealth LLC acquired a new position in Starbucks in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Rachel Ruggeri sold 1,491 shares of Starbucks stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the completion of the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. This trade represents a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on SBUX shares. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. BMO Capital Markets raised their target price on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, September 9th. Redburn Atlantic reaffirmed a “sell” rating and issued a $77.00 target price (down from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. TD Cowen reaffirmed a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and increased their price target for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.81.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $102.50 on Friday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.60. The firm has a market capitalization of $116.21 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 2.90 and a beta of 0.97. The stock’s 50-day simple moving average is $97.11 and its 200-day simple moving average is $87.00.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting the consensus estimate of $0.80. The business 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 business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. On average, sell-side analysts forecast that Starbucks Co. will post 3.15 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. Shareholders 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 annualized dividend and a yield of 2.38%. Starbucks’s payout ratio is 73.72%.

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.