The Manufacturers Life Insurance Company Grows Stake in Starbucks Co. (NASDAQ:SBUX)

The Manufacturers Life Insurance Company increased its position in Starbucks Co. (NASDAQ:SBUX - Free Report) by 19.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,181,179 shares of the coffee company's stock after buying an additional 357,046 shares during the period. The Manufacturers Life Insurance Company owned about 0.19% of Starbucks worth $212,643,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SBUX. Riverview Trust Co raised its position in shares of Starbucks by 3.4% during the third quarter. Riverview Trust Co now owns 3,199 shares of the coffee company's stock valued at $312,000 after buying an additional 105 shares during the last quarter. Essex Savings Bank boosted its position in shares of Starbucks by 1.6% during the 3rd quarter. Essex Savings Bank now owns 7,250 shares of the coffee company's stock valued at $707,000 after acquiring an additional 112 shares in the last quarter. DT Investment Partners LLC raised its position in Starbucks by 39.4% in the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company's stock worth $42,000 after purchasing an additional 121 shares in the last quarter. Childress Capital Advisors LLC boosted its holdings in Starbucks by 4.8% during the third quarter. Childress Capital Advisors LLC now owns 2,727 shares of the coffee company's stock valued at $266,000 after purchasing an additional 126 shares in the last quarter. Finally, Keystone Wealth Services LLC grew its stake in shares of Starbucks by 1.3% in the 3rd quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company's stock valued at $990,000 after purchasing an additional 130 shares during the period. Hedge funds and other institutional investors own 72.29% of the company's stock.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 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, with a total value of $34,770.00. Following the transaction, the director now directly owns 36,242 shares of the company's stock, valued at approximately $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Rachel Ruggeri sold 1,491 shares of the company's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now directly owns 80,124 shares in the company, valued at $7,975,542.96. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several recent analyst reports. TD Cowen reaffirmed a "buy" rating and issued a $110.00 price target on shares of Starbucks in a research note on Monday, November 11th. Stifel Nicolaus upped their target price on shares of Starbucks from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. BTIG Research boosted their price target on shares of Starbucks from $100.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. UBS Group boosted their target price on Starbucks from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, October 23rd. Finally, Barclays cut their price target on Starbucks from $110.00 to $108.00 and set an "overweight" rating for the company in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $103.77.

Starbucks Stock Performance

Shares of SBUX traded up $0.83 during mid-day trading on Wednesday, reaching $101.51. 4,856,733 shares of the company were exchanged, compared to its average volume of 11,009,467. The business has a 50 day simple moving average of $97.41 and a two-hundred day simple moving average of $87.65. The stock has a market capitalization of $115.09 billion, a PE ratio of 30.67, a PEG ratio of 2.98 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly 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. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter in the previous year, the company earned $1.06 EPS. The company's revenue for the quarter was down 3.2% on a year-over-year basis. On average, analysts predict that Starbucks Co. will post 3.12 EPS for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks's previous quarterly dividend of $0.57. Starbucks's dividend payout ratio (DPR) is 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.