Cadence Bank NA cut its stake in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) by 19.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,035 shares of the coffee company's stock after selling 1,185 shares during the quarter. Cadence Bank NA's holdings in Starbucks were worth $384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the stock. Guardian Wealth Management Inc. purchased a new stake in Starbucks in the fourth quarter worth $25,000. Bromfield Sneider Wealth Advisors bought a new stake in Starbucks in the first quarter valued at $25,000. Burleson & Company LLC boosted its holdings in Starbucks by 2,660.0% in the first quarter. Burleson & Company LLC now owns 276 shares of the coffee company's stock valued at $25,000 after acquiring an additional 266 shares in the last quarter. Delos Wealth Advisors LLC bought a new stake in Starbucks in the fourth quarter valued at $28,000. Finally, Herold Advisors Inc. bought a new stake in Starbucks in the first quarter valued at $29,000. 67.97% of the stock is currently owned by hedge funds and other institutional investors.
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Insider Buying and Selling
In other Starbucks news, Director Mellody L. Hobson purchased 54,750 shares of Starbucks stock in a transaction that occurred on Thursday, September 15th. The shares were bought at an average price of $92.58 per share, for a total transaction of $5,068,755.00. Following the completion of the transaction, the director now owns 433,254 shares of the company's stock, valued at approximately $40,110,655.32. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Zabrina Jenkins sold 4,020 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $93.00, for a total value of $373,860.00. Following the sale, the executive vice president now directly owns 36,337 shares in the company, valued at $3,379,341. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mellody L. Hobson purchased 54,750 shares of the firm's stock in a transaction that occurred on Thursday, September 15th. The shares were acquired at an average cost of $92.58 per share, with a total value of $5,068,755.00. Following the completion of the purchase, the director now directly owns 433,254 shares in the company, valued at approximately $40,110,655.32. The disclosure for this purchase can be found here. 0.27% of the stock is currently owned by company insiders.
Starbucks Trading Down 0.6 %
Shares of NASDAQ:SBUX opened at $86.57 on Friday. The stock has a 50 day moving average of $86.37 and a 200 day moving average of $81.52. The company has a market cap of $99.33 billion, a PE ratio of 24.39, a price-to-earnings-growth ratio of 2.35 and a beta of 0.94. Starbucks Co. has a 12-month low of $68.39 and a 12-month high of $117.80.
Starbucks (NASDAQ:SBUX – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The coffee company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.07. Starbucks had a negative return on equity of 47.28% and a net margin of 13.03%. The business had revenue of $8.15 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the company posted $1.01 EPS. Equities research analysts predict that Starbucks Co. will post 2.88 earnings per share for the current fiscal year.
Starbucks Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 11th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, November 9th. This is a positive change from Starbucks's previous quarterly dividend of $0.49. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.45%. Starbucks's dividend payout ratio (DPR) is 55.21%.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the stock. Piper Sandler lifted their price target on shares of Starbucks from $84.00 to $92.00 and gave the company a "neutral" rating in a report on Friday, September 16th. Sanford C. Bernstein started coverage on shares of Starbucks in a report on Wednesday, September 7th. They set a "market perform" rating and a $94.00 target price on the stock. Robert W. Baird boosted their target price on shares of Starbucks from $86.00 to $94.00 and gave the company a "neutral" rating in a report on Wednesday, September 14th. UBS Group boosted their target price on shares of Starbucks from $82.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, August 3rd. Finally, Cowen boosted their target price on shares of Starbucks from $94.00 to $104.00 in a report on Thursday, August 18th. Sixteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Starbucks has an average rating of "Hold" and a consensus target price of $103.50.
Starbucks Company Profile
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Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
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