Cove Private Wealth LLC Buys Shares of 2,902 Starbucks Co. (NASDAQ:SBUX)

Cove Private Wealth LLC bought a new position in Starbucks Co. (NASDAQ:SBUX - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 2,902 shares of the coffee company's stock, valued at approximately $265,000.

A number of other institutional investors also recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Starbucks during the second quarter worth $25,000. DT Investment Partners LLC lifted its position in Starbucks by 39.4% during the 3rd quarter. DT Investment Partners LLC now owns 428 shares of the coffee company's stock worth $42,000 after acquiring an additional 121 shares during the period. FSA Wealth Management LLC purchased a new stake in Starbucks during the 3rd quarter valued at about $49,000. Friedenthal Financial acquired a new position in shares of Starbucks in the third quarter valued at about $50,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Starbucks in the third quarter worth about $71,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Rachel Ruggeri sold 1,452 shares of the company's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the transaction, the chief financial officer now directly owns 65,648 shares in the company, valued at approximately $6,503,747.36. This represents a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.98% of the company's stock.

Starbucks Stock Performance

Shares of NASDAQ SBUX traded up $0.70 during mid-day trading on Monday, reaching $95.13. The company's stock had a trading volume of 8,361,293 shares, compared to its average volume of 7,954,453. The stock has a 50-day moving average of $95.84 and a two-hundred day moving average of $91.71. The stock has a market capitalization of $107.86 billion, a P/E ratio of 28.74, a P/E/G ratio of 2.73 and a beta of 0.99. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $103.32.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts' consensus estimates of $0.80. The company had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. Starbucks's quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 EPS. Analysts predict that Starbucks Co. will post 3.1 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, February 14th. Starbucks's payout ratio is currently 73.72%.

Analysts Set New Price Targets

SBUX has been the topic of a number of recent research reports. Redburn Atlantic reiterated a "sell" rating and issued a $77.00 target price (down previously from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. Wedbush reduced their target price on shares of Starbucks from $98.00 to $95.00 and set a "neutral" rating for the company in a report on Thursday, October 31st. Bank of America lowered their price target on shares of Starbucks from $118.00 to $117.00 and set a "buy" rating on the stock in a report on Tuesday, October 22nd. Jefferies Financial Group lowered Starbucks from a "hold" rating to an "underperform" rating and reduced their price objective for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Finally, Morgan Stanley upped their target price on Starbucks from $98.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $103.92.

Starbucks Company 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.