Evergreen Wealth Management LLC Takes Position in Starbucks Co. (NASDAQ:SBUX)

Evergreen Wealth Management LLC purchased a new position in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 18,316 shares of the coffee company's stock, valued at approximately $1,786,000.

Several other large investors also recently made changes to their positions in the stock. Quent Capital LLC increased its stake in shares of Starbucks by 9.6% in the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company's stock worth $401,000 after purchasing an additional 385 shares during the period. Spirepoint Private Client LLC acquired a new stake in shares of Starbucks in the first quarter worth $371,000. Ontario Teachers Pension Plan Board acquired a new stake in shares of Starbucks in the first quarter worth $415,167,000. Allstate Corp grew its stake in shares of Starbucks by 43.0% in the first quarter. Allstate Corp now owns 3,468 shares of the coffee company's stock worth $317,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Jacobi Capital Management LLC grew its stake in shares of Starbucks by 2.5% in the first quarter. Jacobi Capital Management LLC now owns 16,136 shares of the coffee company's stock worth $1,475,000 after acquiring an additional 401 shares during the last quarter. Institutional investors own 72.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SBUX shares. BTIG Research raised their price target on shares of Starbucks from $100.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. DZ Bank lowered Starbucks from a "hold" rating to a "sell" rating and set a $85.00 price objective on the stock. in a report on Wednesday, August 21st. TD Cowen reiterated a "buy" rating and set a $110.00 price target on shares of Starbucks in a research note on Monday, November 11th. Piper Sandler upgraded shares of Starbucks from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. Finally, Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $81.00 to $110.00 in a research report on Tuesday, August 13th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $102.81.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the business's stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 1.06 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.98% of the stock is currently owned by insiders.

Starbucks Price Performance

SBUX stock traded down $0.20 during mid-day trading on Friday, reaching $98.42. The company had a trading volume of 8,119,864 shares, compared to its average volume of 11,147,972. The stock has a 50 day simple moving average of $96.75 and a two-hundred day simple moving average of $86.19. The company has a market capitalization of $111.53 billion, a price-to-earnings ratio of 29.73, a PEG ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business had revenue of $9.07 billion during the quarter, compared to analysts' expectations of $9.60 billion. During the same period last year, the business earned $1.06 earnings per share. The firm's revenue was down 3.2% on a year-over-year basis. On average, equities analysts predict that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The firm also recently announced 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. This is an increase from Starbucks's previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, November 15th. Starbucks's payout ratio is currently 73.72%.

About Starbucks

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.