Chartwell Investment Partners LLC lowered its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 33.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 30,000 shares of the coffee company's stock after selling 15,000 shares during the period. Chartwell Investment Partners LLC's holdings in Starbucks were worth $2,925,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board bought a new stake in shares of Starbucks in the 1st quarter valued at about $415,167,000. Marshall Wace LLP raised its holdings in Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company's stock valued at $260,870,000 after buying an additional 3,136,992 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in Starbucks during the 2nd quarter valued at $243,910,000. Capital World Investors bought a new stake in Starbucks in the 1st quarter worth $257,721,000. Finally, Van ECK Associates Corp increased its position in shares of Starbucks by 108.1% in the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company's stock valued at $348,391,000 after acquiring an additional 2,324,847 shares during the period. Hedge funds and other institutional investors own 72.29% of the company's stock.
Starbucks Stock Up 1.0 %
Shares of Starbucks stock traded up $1.00 on Wednesday, reaching $99.80. The company's stock had a trading volume of 8,806,625 shares, compared to its average volume of 11,183,076. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The firm's fifty day simple moving average is $96.30 and its two-hundred day simple moving average is $85.93. The company has a market capitalization of $113.09 billion, a price-to-earnings ratio of 29.92, a P/E/G ratio of 2.86 and a beta of 0.97.
Starbucks (NASDAQ:SBUX - Get Free Report) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting analysts' consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the previous year, the firm earned $1.06 EPS. Starbucks's revenue was down 3.2% on a year-over-year basis. As a group, research analysts predict that Starbucks Co. will post 3.15 EPS for the current year.
Starbucks Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, November 15th. This is an increase from Starbucks's previous quarterly dividend of $0.57. Starbucks's payout ratio is 68.88%.
Insider Buying and Selling at Starbucks
In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares of the company's stock, valued at approximately $7,057,327.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company's stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.98% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on SBUX shares. Barclays cut their target price on Starbucks from $110.00 to $108.00 and set an "overweight" rating on the stock in a research note on Thursday, October 31st. Robert W. Baird raised Starbucks from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. JPMorgan Chase & Co. upped their target price on Starbucks from $90.00 to $105.00 and gave the company an "overweight" rating in a report on Monday, September 30th. Jefferies Financial Group cut shares of Starbucks from a "hold" rating to an "underperform" rating and dropped their target price for the stock from $80.00 to $76.00 in a research report on Tuesday, September 24th. Finally, Piper Sandler upgraded shares of Starbucks from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Starbucks currently has an average rating of "Moderate Buy" and an average target price of $102.31.
Read Our Latest Report on SBUX
About Starbucks
(
Free Report)
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of 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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