Wedbush Securities Inc. decreased its holdings in Starbucks Corporation (NASDAQ:SBUX – Free Report) by 14.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,595 shares of the coffee company’s stock after selling 6,325 shares during the quarter. Wedbush Securities Inc.’s holdings in Starbucks were worth $3,842,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Capital World Investors grew its stake in shares of Starbucks by 9.0% in the fourth quarter. Capital World Investors now owns 84,727,405 shares of the coffee company’s stock worth $7,135,228,000 after acquiring an additional 7,007,268 shares during the period. BlackRock Inc. purchased a new position in shares of Starbucks during the second quarter valued at approximately $8,504,509,000. State Street Corp lifted its position in Starbucks by 0.7% during the fourth quarter. State Street Corp now owns 47,869,056 shares of the coffee company’s stock valued at $4,031,053,000 after purchasing an additional 327,161 shares during the period. Geode Capital Management LLC lifted its position in Starbucks by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 26,373,084 shares of the coffee company’s stock valued at $2,212,153,000 after purchasing an additional 225,168 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Starbucks by 65.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 19,447,854 shares of the coffee company’s stock worth $1,637,704,000 after purchasing an additional 7,725,547 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.
Starbucks Trading Up 0.6%
Shares of NASDAQ SBUX opened at $107.85 on Friday. The firm has a 50 day moving average of $105.10 and a 200 day moving average of $100.78. The firm has a market capitalization of $122.95 billion, a price-to-earnings ratio of 61.98, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97. Starbucks Corporation has a 12-month low of $77.99 and a 12-month high of $110.51.
Starbucks Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Friday, August 14th. Starbucks’s dividend payout ratio is 142.53%.
Insider Buying and Selling
In related news, CEO Brady Brewer sold 2,229 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.99, for a total value of $236,251.71. Following the transaction, the chief executive officer directly owned 75,135 shares of the company’s stock, valued at approximately $7,963,558.65. This trade represents a 2.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 6,687 shares of company stock valued at $681,663. 0.03% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on SBUX shares. Wedbush began coverage on shares of Starbucks in a research report on Thursday, May 14th. They issued an “outperform” rating for the company. Stifel Nicolaus set a $117.00 price target on Starbucks and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Needham & Company LLC set a $120.00 price objective on Starbucks in a report on Tuesday, August 18th. Evercore reiterated an “outperform” rating on shares of Starbucks in a research report on Thursday, July 30th. Finally, Stephens initiated coverage on Starbucks in a research report on Thursday, May 14th. They set an “overweight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $110.30.
Read Our Latest Analysis on Starbucks
Starbucks Profile
Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.
Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.
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