Holocene Advisors LP Takes Position in Starbucks Co. (NASDAQ:SBUX)

Holocene Advisors LP purchased a new position in Starbucks Co. (NASDAQ:SBUX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 522,263 shares of the coffee company’s stock, valued at approximately $50,915,000.

Several other institutional investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Starbucks in the 2nd quarter worth $25,000. New Millennium Group LLC bought a new stake in Starbucks in the 2nd quarter worth about $26,000. Stephens Consulting LLC increased its holdings in Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares in the last quarter. Hobbs Group Advisors LLC purchased a new position in Starbucks in the 2nd quarter worth about $27,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Starbucks during the 2nd quarter valued at about $31,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

SBUX stock opened at $101.51 on Tuesday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $103.32. The business has a 50 day simple moving average of $97.63 and a two-hundred day simple moving average of $88.10. The company has a market capitalization of $115.09 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 3.00 and a beta of 0.97.

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 analysts’ consensus estimates of $0.80. The firm had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. Starbucks’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 earnings per share. Sell-side analysts anticipate that Starbucks Co. will post 3.12 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were 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 was Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.40%. Starbucks’s dividend payout ratio (DPR) is presently 73.72%.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of Starbucks stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the sale, the chief financial officer now owns 80,124 shares of the company’s stock, valued at $7,975,542.96. The trade was a 1.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction dated 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 completion of the transaction, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 1.06 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

SBUX has been the subject of several research reports. Redburn Atlantic reissued a “sell” rating and set a $77.00 price objective (down from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. BTIG Research boosted their target price on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Stifel Nicolaus raised their price target on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $81.00 to $110.00 in a research report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and raised their target price for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.77.

About Starbucks

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.