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Stratos Wealth Advisors LLC Cuts Stock Position in Starbucks Co. (NASDAQ:SBUX)

Defense World · Oct 5, 2022 05:42

Stratos Wealth Advisors LLC lessened its position in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) by 25.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,748 shares of the coffee company's stock after selling 2,696 shares during the period. Stratos Wealth Advisors LLC's holdings in Starbucks were worth $592,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SBUX. Guardian Wealth Management Inc. bought a new position in Starbucks in the 4th quarter worth about $25,000. Bromfield Sneider Wealth Advisors purchased a new position in shares of Starbucks in the 1st quarter worth about $25,000. Burleson & Company LLC boosted its holdings in Starbucks by 2,660.0% during the 1st quarter. Burleson & Company LLC now owns 276 shares of the coffee company's stock valued at $25,000 after acquiring an additional 266 shares during the period. Herold Advisors Inc. purchased a new stake in Starbucks during the 1st quarter valued at about $29,000. Finally, Roble Belko & Company Inc boosted its holdings in Starbucks by 163.8% during the 1st quarter. Roble Belko & Company Inc now owns 364 shares of the coffee company's stock valued at $33,000 after acquiring an additional 226 shares during the period. Hedge funds and other institutional investors own 67.97% of the company's stock.

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Insider Transactions at Starbucks

In other news, Director Mellody L. Hobson bought 54,750 shares of Starbucks stock in a transaction dated Thursday, September 15th. The shares were 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 owns 433,254 shares of the company's stock, valued at approximately $40,110,655.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Starbucks news, EVP Zabrina Jenkins sold 4,020 shares of the business's stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $93.00, for a total transaction of $373,860.00. Following the sale, the executive vice president now directly owns 36,337 shares of the company's stock, valued at $3,379,341. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mellody L. Hobson acquired 54,750 shares of the firm's stock in a transaction 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 $40,110,655.32. The disclosure for this purchase can be found here. Insiders own 0.27% of the company's stock.

Starbucks Stock Up 3.4 %

NASDAQ:SBUX opened at $88.51 on Wednesday. The business's 50-day simple moving average is $86.63 and its two-hundred day simple moving average is $81.41. The stock has a market cap of $101.56 billion, a PE ratio of 24.93, a P/E/G ratio of 1.96 and a beta of 0.89. Starbucks Co. has a 52 week low of $68.39 and a 52 week 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 EPS for the quarter, beating analysts' consensus estimates 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 negative return on equity of 47.28% and a net margin of 13.03%. During the same period last year, the firm earned $1.01 earnings per share. Sell-side analysts anticipate that Starbucks Co. will post 2.88 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 25th. Stockholders of record on Friday, November 11th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.40%. This is a boost from Starbucks's previous quarterly dividend of $0.49. The ex-dividend date is Wednesday, November 9th. Starbucks's payout ratio is 55.21%.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several research analyst reports. Piper Sandler increased their price objective on Starbucks from $84.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday, September 16th. Morgan Stanley raised their price objective on Starbucks from $88.00 to $96.00 and gave the company an "equal weight" rating in a research report on Thursday, September 15th. Robert W. Baird raised their price objective on Starbucks from $86.00 to $94.00 and gave the company a "neutral" rating in a research report on Wednesday, September 14th. Cowen raised their price objective on Starbucks from $94.00 to $104.00 in a research report on Thursday, August 18th. Finally, UBS Group raised their price objective on Starbucks from $82.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, August 3rd. Fifteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Starbucks presently has an average rating of "Hold" and a consensus price target of $103.44.

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.