RPG Investment Advisory LLC increased its stake in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) by 1.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 96,386 shares of the coffee company's stock after buying an additional 920 shares during the period. Starbucks accounts for about 1.5% of RPG Investment Advisory LLC's portfolio, making the stock its 27th largest holding. RPG Investment Advisory LLC's holdings in Starbucks were worth $7,363,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. MD Financial Management Inc. raised its position in shares of Starbucks by 26.6% in the 4th quarter. MD Financial Management Inc. now owns 5,745 shares of the coffee company's stock valued at $672,000 after buying an additional 1,206 shares in the last quarter. King Luther Capital Management Corp increased its position in Starbucks by 5.2% during the 4th quarter. King Luther Capital Management Corp now owns 403,463 shares of the coffee company's stock worth $47,193,000 after purchasing an additional 20,036 shares in the last quarter. Source Financial Advisors LLC increased its position in Starbucks by 24.6% during the 4th quarter. Source Financial Advisors LLC now owns 7,044 shares of the coffee company's stock worth $824,000 after purchasing an additional 1,392 shares in the last quarter. Silver Oak Advisory Group Inc. acquired a new position in Starbucks during the 4th quarter worth approximately $203,000. Finally, Studio Investment Management LLC increased its position in Starbucks by 25.6% during the 4th quarter. Studio Investment Management LLC now owns 4,050 shares of the coffee company's stock worth $474,000 after purchasing an additional 826 shares in the last quarter. Institutional investors own 67.97% of the company's stock.
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Insider Buying and Selling
In other Starbucks news, EVP Zabrina Jenkins sold 4,020 shares of the business's stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $93.00, for a total value of $373,860.00. Following the completion of the transaction, the executive vice president now owns 36,337 shares of the company's stock, valued at approximately $3,379,341. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Zabrina Jenkins sold 4,020 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $93.00, for a total value of $373,860.00. Following the completion of the sale, the executive vice president now directly owns 36,337 shares of the company's stock, valued at approximately $3,379,341. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mellody L. Hobson bought 54,750 shares of Starbucks stock in a transaction that occurred on Thursday, September 15th. The stock was purchased at an average cost of $92.58 per share, with a total value of $5,068,755.00. Following the completion of the acquisition, 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.
Analyst Ratings Changes
Several equities analysts have issued reports on SBUX shares. Stephens started coverage on shares of Starbucks in a research report on Thursday, September 22nd. They issued an "equal weight" rating and a $91.00 price target for the company. Piper Sandler upped their price target on shares of Starbucks from $84.00 to $92.00 and gave the company a "neutral" rating in a research report on Friday, September 16th. UBS Group upped their price objective on shares of Starbucks from $82.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. upped their price objective on shares of Starbucks from $92.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, September 14th. Finally, Fubon Bank raised shares of Starbucks from a "neutral" rating to a "buy" rating and set a $103.00 price objective on the stock in a research note on Wednesday, September 14th. Fifteen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $103.44.
Starbucks Stock Performance
Shares of NASDAQ SBUX traded up $0.54 during mid-day trading on Thursday, hitting $90.66. The stock had a trading volume of 108,155 shares, compared to its average volume of 9,370,076. Starbucks Co. has a 1 year low of $68.39 and a 1 year high of $117.80. The business has a 50 day moving average price of $86.78 and a two-hundred day moving average price of $81.47. The firm has a market cap of $104.02 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.03 and a beta of 0.89.
Starbucks (NASDAQ:SBUX – Get Rating) last released its quarterly earnings results on Tuesday, August 2nd. The coffee company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.07. The business had revenue of $8.15 billion for the quarter, compared to analysts' expectations of $8.22 billion. Starbucks had a net margin of 13.03% and a negative return on equity of 47.28%. During the same quarter in the previous year, the business posted $1.01 earnings per share. Equities research analysts predict that Starbucks Co. will post 2.88 EPS for the current fiscal year.
Starbucks Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 11th will be paid a $0.53 dividend. This is a boost from Starbucks's previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Wednesday, November 9th. This represents a $2.12 dividend on an annualized basis and a yield of 2.34%. Starbucks's payout ratio is presently 55.21%.
Starbucks 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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