Starbucks Co. (NASDAQ:SBUX) Shares Purchased by Summit Global Investments

Summit Global Investments boosted its position in Starbucks Co. (NASDAQ:SBUX) by 58.8% in the 4th quarter, Holdings Channel reports. The firm owned 78,950 shares of the coffee company’s stock after acquiring an additional 29,220 shares during the quarter. Summit Global Investments’ holdings in Starbucks were worth $7,580,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Riggs Asset Managment Co. Inc. grew its holdings in Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares in the last quarter. Cypress Capital Management LLC WY grew its holdings in shares of Starbucks by 133.1% during the 4th quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock worth $31,000 after purchasing an additional 185 shares during the period. Atticus Wealth Management LLC grew its holdings in shares of Starbucks by 153.8% during the 4th quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock worth $32,000 after purchasing an additional 200 shares during the period. Evolution Advisers Inc. purchased a new position in shares of Starbucks during the 4th quarter worth $36,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Starbucks during the 4th quarter worth $38,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SBUX. Barclays lowered their price target on Starbucks from $116.00 to $112.00 and set an “overweight” rating for the company in a report on Wednesday, January 31st. BMO Capital Markets lowered their target price on Starbucks from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. Oppenheimer restated a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Citigroup lowered their target price on Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $102.00 target price on shares of Starbucks in a report on Wednesday, January 31st. Sixteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks has an average rating of “Hold” and an average target price of $100.39.

Insider Activity at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 7,250 shares of company stock worth $651,738 over the last three months. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Stock Up 0.4 %

SBUX traded up $0.30 during trading on Thursday, hitting $74.74. 21,303,024 shares of the stock were exchanged, compared to its average volume of 9,276,379. The firm has a market capitalization of $84.62 billion, a P/E ratio of 20.59, a PEG ratio of 1.49 and a beta of 0.97. Starbucks Co. has a 1-year low of $72.67 and a 1-year high of $109.72. The stock has a fifty day moving average price of $89.76 and a two-hundred day moving average price of $94.11.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 50.10%. The company had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same quarter last year, the business posted $0.74 earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts predict that Starbucks Co. will post 3.99 EPS for the current year.

Starbucks Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a $0.57 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.05%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

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.