Arcadia Investment Management Corp MI reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) by 7.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 123,918 shares of the coffee company's stock after selling 10,594 shares during the period. Starbucks accounts for about 2.1% of Arcadia Investment Management Corp MI's portfolio, making the stock its 13th largest position. Arcadia Investment Management Corp MI's holdings in Starbucks were worth $9,466,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in SBUX. Delos Wealth Advisors LLC bought a new position in Starbucks during the 4th quarter valued at about $28,000. Claro Advisors LLC raised its stake in shares of Starbucks by 5.3% in the fourth quarter. Claro Advisors LLC now owns 11,604 shares of the coffee company's stock worth $1,357,000 after acquiring an additional 579 shares during the last quarter. Cinctive Capital Management LP bought a new position in shares of Starbucks in the fourth quarter worth about $1,080,000. Cetera Investment Advisers raised its stake in shares of Starbucks by 6.3% in the fourth quarter. Cetera Investment Advisers now owns 141,782 shares of the coffee company's stock worth $16,584,000 after acquiring an additional 8,451 shares during the last quarter. Finally, Capital Planning Advisors LLC raised its stake in shares of Starbucks by 2.0% in the fourth quarter. Capital Planning Advisors LLC now owns 19,597 shares of the coffee company's stock worth $2,292,000 after acquiring an additional 379 shares during the last quarter. 67.97% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Ratings Changes
A number of equities analysts have weighed in on the stock. Fubon Bank raised shares of Starbucks from a "neutral" rating to a "buy" rating and set a $103.00 target price for the company in a research note on Wednesday, September 14th. JPMorgan Chase & Co. lifted their price target on shares of Starbucks from $92.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 14th. Cowen lifted their price target on shares of Starbucks from $94.00 to $104.00 in a research report on Thursday, August 18th. Piper Sandler lifted their price target on shares of Starbucks from $84.00 to $92.00 and gave the stock a "neutral" rating in a research report on Friday, September 16th. Finally, Wedbush lifted their price target on shares of Starbucks from $86.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 14th. Fifteen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $103.44.
Insider Buying and Selling
In other Starbucks news, Director Mellody L. Hobson bought 54,750 shares of Starbucks stock in a transaction that occurred on Thursday, September 15th. The stock was acquired at an average price of $92.58 per share, for a total transaction of $5,068,755.00. Following the completion of the acquisition, the director now owns 433,254 shares of the company's stock, valued at approximately $40,110,655.32. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through
this hyperlink. In other news, EVP Zabrina Jenkins sold 4,020 shares of the firm's stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $93.00, for a total transaction of $373,860.00. Following the completion of the sale, the executive vice president now owns 36,337 shares in the company, valued at approximately $3,379,341. The transaction was disclosed in a filing with the SEC, which is accessible through
this link. Also, Director Mellody L. Hobson bought 54,750 shares of the business's stock in a transaction dated Thursday, September 15th. The shares were bought at an average price of $92.58 per share, with a total value of $5,068,755.00. Following the purchase, the director now 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 corporate insiders.
Starbucks Stock Down 2.7 %
Shares of SBUX stock opened at $84.26 on Friday. The firm has a fifty day moving average of $86.39 and a 200-day moving average of $81.53. Starbucks Co. has a 12-month low of $68.39 and a 12-month high of $117.80. The company has a market capitalization of $96.68 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 2.33 and a beta of 0.94.
Starbucks (NASDAQ:SBUX – Get Rating) last announced its earnings results on Tuesday, August 2nd. The coffee company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.77 by $0.07. Starbucks had a net margin of 13.03% and a negative return on equity of 47.28%. The business had revenue of $8.15 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. On average, equities analysts expect that Starbucks Co. will post 2.88 EPS for the current 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 dividend of $0.53 per share. This is a boost from Starbucks's previous quarterly dividend of $0.49. The ex-dividend date is Wednesday, November 9th. This represents a $2.12 annualized dividend and a yield of 2.52%. Starbucks's dividend payout ratio is presently 55.21%.
About Starbucks
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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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