CIBC Asset Management Inc Raises Stock Position in Starbucks Co. (NASDAQ:SBUX)

CIBC Asset Management Inc grew its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 6.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 382,334 shares of the coffee company's stock after buying an additional 21,851 shares during the period. CIBC Asset Management Inc's holdings in Starbucks were worth $37,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the business. Dakota Wealth Management increased its position in Starbucks by 0.5% during the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company's stock worth $5,439,000 after buying an additional 300 shares during the period. Weil Company Inc. increased its holdings in shares of Starbucks by 31.2% in the 3rd quarter. Weil Company Inc. now owns 34,580 shares of the coffee company's stock valued at $3,371,000 after acquiring an additional 8,222 shares during the period. Maia Wealth LLC raised its position in Starbucks by 69.1% in the 3rd quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company's stock valued at $1,805,000 after purchasing an additional 7,596 shares during the last quarter. Zions Bancorporation N.A. boosted its stake in Starbucks by 434.2% during the 3rd quarter. Zions Bancorporation N.A. now owns 20,897 shares of the coffee company's stock worth $2,037,000 after purchasing an additional 16,985 shares during the period. Finally, LRI Investments LLC purchased a new position in Starbucks during the 1st quarter worth $136,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Analysts Set New Price Targets

SBUX has been the subject of several recent research reports. Bank of America decreased their target price on shares of Starbucks from $118.00 to $117.00 and set a "buy" rating for the company in a research note on Tuesday, October 22nd. DZ Bank lowered Starbucks from a "hold" rating to a "sell" rating and set a $85.00 target price on the stock. in a report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised Starbucks from a "hold" rating to a "buy" rating and increased their price target for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Morgan Stanley boosted their price objective on shares of Starbucks from $98.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Finally, Citigroup raised their target price on shares of Starbucks from $96.00 to $99.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Starbucks has an average rating of "Moderate Buy" and an average price target of $102.81.

Insider Transactions at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the company's stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 1.06 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.98% of the company's stock.

Starbucks Price Performance

NASDAQ:SBUX traded down $0.20 on Friday, reaching $98.42. The stock had a trading volume of 8,119,864 shares, compared to its average volume of 11,147,972. The company has a market cap of $111.53 billion, a price-to-earnings ratio of 29.73, a P/E/G ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66. The firm's fifty day moving average is $96.75 and its two-hundred day moving average is $86.19.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.80. The firm had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. Starbucks's revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.06 earnings per share. As a group, research analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.48%. This is an increase from Starbucks's previous quarterly dividend of $0.57. Starbucks's dividend payout ratio is currently 73.72%.

Starbucks Profile

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.