Geode Capital Management LLC increased its stake in Starbucks Co. (NASDAQ:SBUX - Free Report) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,826,001 shares of the coffee company's stock after purchasing an additional 548,245 shares during the quarter. Geode Capital Management LLC owned 2.19% of Starbucks worth $2,259,516,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SBUX. Norges Bank purchased a new position in Starbucks during the 4th quarter valued at about $1,244,812,000. Wellington Management Group LLP increased its stake in shares of Starbucks by 100.6% during the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company's stock worth $1,476,967,000 after purchasing an additional 7,598,146 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Starbucks during the 4th quarter worth approximately $284,283,000. Assenagon Asset Management S.A. lifted its stake in Starbucks by 1,491.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company's stock valued at $256,282,000 after buying an additional 2,632,087 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Starbucks during the 3rd quarter valued at $126,574,000. Institutional investors and hedge funds own 72.29% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on SBUX shares. Argus upgraded Starbucks from a "hold" rating to a "buy" rating and set a $115.00 price objective on the stock in a research report on Tuesday, March 18th. BMO Capital Markets lifted their price target on shares of Starbucks from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, January 29th. Barclays boosted their price objective on shares of Starbucks from $119.00 to $124.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Wells Fargo & Company lifted their target price on shares of Starbucks from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 25th. Finally, UBS Group raised their price objective on Starbucks from $98.00 to $105.00 and gave the stock a "neutral" rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $106.12.
Read Our Latest Analysis on SBUX
Starbucks Stock Performance
Shares of NASDAQ SBUX traded up $1.18 during midday trading on Wednesday, reaching $99.41. 6,033,966 shares of the company's stock were exchanged, compared to its average volume of 11,109,005. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $117.46. The business's fifty day moving average price is $105.84 and its two-hundred day moving average price is $99.54. The stock has a market capitalization of $112.92 billion, a PE ratio of 32.07, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.
Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings data on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.01. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. During the same quarter in the prior year, the firm posted $0.90 EPS. Analysts predict that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.
Starbucks Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.45%. Starbucks's dividend payout ratio (DPR) is 78.71%.
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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