AIA Group Ltd lessened its stake in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 99.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,120 shares of the coffee company's stock after selling 685,308 shares during the period. AIA Group Ltd's holdings in Starbucks were worth $263,000 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. New Millennium Group LLC bought a new stake in shares of Starbucks in the 2nd quarter worth approximately $25,000. Castle Wealth Management LLC bought a new stake in Starbucks during the 2nd quarter valued at $28,000. WFA of San Diego LLC bought a new stake in Starbucks during the 2nd quarter valued at $32,000. LS Investment Advisors LLC bought a new stake in Starbucks during the 2nd quarter valued at $33,000. Finally, Spartan Planning & Wealth Management bought a new position in Starbucks in the 3rd quarter worth $42,000. 69.16% of the stock is currently owned by institutional investors.
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Starbucks Stock Performance
SBUX opened at $108.76 on Friday. The stock has a market capitalization of $124.83 billion, a P/E ratio of 38.57, a P/E/G ratio of 2.26 and a beta of 0.89. The company's 50-day simple moving average is $101.94 and its two-hundred day simple moving average is $92.03. Starbucks Co. has a 52-week low of $68.39 and a 52-week high of $108.80.
Starbucks (NASDAQ:SBUX – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The coffee company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.08. Starbucks had a net
margin of 10.18% and a negative return on equity of 39.85%. The firm had revenue of $8.41 billion for the quarter, compared to analysts' expectations of $8.43 billion. Research analysts forecast that Starbucks Co. will post 3.42 EPS for the current fiscal year.
Starbucks Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Friday, February 10th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Thursday, February 9th. Starbucks's dividend payout ratio (DPR) is presently 75.18%.
Insider Transactions at Starbucks
In other news, CFO Rachel Ruggeri sold 3,960 shares of the stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $106.50, for a total value of $421,740.00. Following the transaction, the chief financial officer now owns 57,962 shares in the company, valued at approximately $6,172,953. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Starbucks news, Director Clara Shih sold 7,000 shares of the firm's stock in a transaction that occurred on Thursday, December 8th. The shares were sold at an average price of $103.29, for a total transaction of $723,030.00. Following the sale, the director now owns 13,661 shares in the company, valued at approximately $1,411,044.69. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rachel Ruggeri sold 3,960 shares of the firm's stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $106.50, for a total transaction of $421,740.00. Following the sale, the chief financial officer now owns 57,962 shares in the company, valued at approximately $6,172,953. The disclosure for this sale can be found here. Insiders have sold 26,280 shares of company stock worth $2,663,595 in the last quarter. Company insiders own 0.27% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have commented on SBUX shares. BTIG Research upped their price objective on shares of Starbucks from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Thursday, January 19th. StockNews.com upgraded shares of Starbucks from a "hold" rating to a "buy" rating in a report on Friday, January 13th. Morgan Stanley upped their price objective on shares of Starbucks from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 18th. Evercore ISI upped their target price on shares of Starbucks from $95.00 to $97.00 in a research report on Friday, November 4th. Finally, Wedbush upped their target price on shares of Starbucks from $92.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, November 4th. Thirteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $105.69.
Starbucks Profile
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Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: North America, International, Channel Development, and Corporate and Other. The North America segment focuses on the United States and Canada. The International segment is involved in China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and Caribbean.
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