Nachman Norwood & Parrott Inc boosted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,838 shares of the coffee company’s stock after purchasing an additional 159 shares during the quarter. Nachman Norwood & Parrott Inc’s holdings in Starbucks were worth $416,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in SBUX. Fisher Asset Management LLC lifted its stake in Starbucks by 138.7% during the 2nd quarter. Fisher Asset Management LLC now owns 7,786,036 shares of the coffee company’s stock valued at $572,974,000 after acquiring an additional 4,524,099 shares during the period. Jackson Square Partners LLC bought a new position in Starbucks during the 2nd quarter valued at about $265,547,000. Nordea Investment Management AB lifted its stake in Starbucks by 88.2% during the 2nd quarter. Nordea Investment Management AB now owns 6,929,926 shares of the coffee company’s stock valued at $507,686,000 after acquiring an additional 3,248,488 shares during the period. Advisor Group Holdings Inc. bought a new position in Starbucks during the 1st quarter valued at about $40,420,000. Finally, Morgan Stanley lifted its stake in Starbucks by 15.1% during the 1st quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock valued at $1,112,717,000 after acquiring an additional 2,219,969 shares during the period. 68.36% of the stock is currently owned by institutional investors.
In related news, Director Myron E. Ullman III sold 4,252 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $84.77, for a total value of $360,442.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin R. Johnson sold 107,762 shares of the firm’s stock in a transaction on Friday, October 9th. The shares were sold at an average price of $90.08, for a total transaction of $9,707,200.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 153,764 shares of company stock valued at $13,404,656. Insiders own 0.41% of the company’s stock.
Shares of SBUX opened at $88.52 on Friday. Starbucks Co. has a 1 year low of $50.02 and a 1 year high of $94.13. The company has a 50 day simple moving average of $86.35 and a two-hundred day simple moving average of $78.11. The firm has a market cap of $103.48 billion, a P/E ratio of 79.75, a price-to-earnings-growth ratio of 6.38 and a beta of 0.81.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.15. Starbucks had a net margin of 5.56% and a negative return on equity of 22.26%. The business had revenue of $4.22 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same period last year, the firm posted $0.78 EPS. The company’s revenue was down 38.1% on a year-over-year basis. As a group, equities research analysts expect that Starbucks Co. will post 0.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be issued a dividend of $0.45 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.41. This represents a $1.80 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Tuesday, November 10th. Starbucks’s dividend payout ratio (DPR) is 57.95%.
SBUX has been the topic of several research analyst reports. Morgan Stanley upped their target price on shares of Starbucks from $79.00 to $91.00 and gave the company an “equal weight” rating in a research note on Wednesday. Barclays increased their price objective on shares of Starbucks from $88.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Bank of America increased their price objective on shares of Starbucks from $82.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, September 28th. Cowen upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $77.00 to $99.00 in a research note on Wednesday, September 30th. Finally, ValuEngine cut shares of Starbucks from a “buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Sixteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Starbucks presently has an average rating of “Hold” and a consensus price target of $86.73.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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