Western Wealth Management LLC increased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 227.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,424 shares of the coffee company’s stock after buying an additional 24,595 shares during the quarter. Western Wealth Management LLC’s holdings in Starbucks were worth $2,699,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Abbrea Capital LLC raised its stake in shares of Starbucks by 1.9% in the second quarter. Abbrea Capital LLC now owns 5,525 shares of the coffee company’s stock worth $463,000 after purchasing an additional 105 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Starbucks by 0.3% in the second quarter. Gamco Investors INC. ET AL now owns 38,395 shares of the coffee company’s stock worth $3,219,000 after purchasing an additional 115 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake in shares of Starbucks by 0.4% in the second quarter. Duncker Streett & Co. Inc. now owns 30,160 shares of the coffee company’s stock worth $2,528,000 after purchasing an additional 120 shares during the last quarter. D.B. Root & Company LLC raised its stake in shares of Starbucks by 0.8% in the second quarter. D.B. Root & Company LLC now owns 14,929 shares of the coffee company’s stock worth $1,251,000 after purchasing an additional 122 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in shares of Starbucks by 3.0% in the second quarter. Grove Bank & Trust now owns 4,373 shares of the coffee company’s stock worth $367,000 after purchasing an additional 128 shares during the last quarter. 72.32% of the stock is currently owned by institutional investors and hedge funds.
In other news, CAO Jill Walker sold 6,492 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $95.70, for a total value of $621,284.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Myron E. Ullman III sold 9,973 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $76.12, for a total value of $759,144.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,639 shares of company stock valued at $12,101,183. 3.98% of the stock is owned by corporate insiders.
NASDAQ SBUX traded down $1.35 on Friday, hitting $95.14. 4,792,852 shares of the stock traded hands, compared to its average volume of 7,999,455. The business’s fifty day moving average is $93.28 and its two-hundred day moving average is $80.15. Starbucks Co. has a 12 month low of $52.42 and a 12 month high of $99.72. The firm has a market capitalization of $114.47 billion, a price-to-earnings ratio of 39.31, a PEG ratio of 2.64 and a beta of 0.55.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.06. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the company earned $0.62 earnings per share. Starbucks’s revenue was up 8.1% compared to the same quarter last year. On average, analysts forecast that Starbucks Co. will post 2.83 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, August 8th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Wednesday, August 7th. Starbucks’s dividend payout ratio (DPR) is 59.50%.
Several analysts have recently commented on the company. Stephens increased their price objective on Starbucks from $72.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lowered Starbucks from an “overweight” rating to a “neutral” rating in a report on Monday, July 29th. Goldman Sachs Group assumed coverage on Starbucks in a report on Monday, July 29th. They issued a “buy” rating and a $110.00 target price for the company. Bank of America set a $85.00 target price on Starbucks and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Jefferies Financial Group upped their target price on Starbucks from $96.00 to $110.00 and gave the company a “buy” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $89.53.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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