Insight Wealth Strategies LLC raised its position in shares of Starbucks Co. (NASDAQ:SBUX) by 52.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,240 shares of the coffee company’s stock after purchasing an additional 2,823 shares during the period. Insight Wealth Strategies LLC’s holdings in Starbucks were worth $900,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sage Mountain Advisors LLC bought a new position in shares of Starbucks in the 4th quarter worth $258,000. Winslow Evans & Crocker Inc. increased its position in Starbucks by 110.0% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 3,272 shares of the coffee company’s stock valued at $350,000 after buying an additional 1,714 shares in the last quarter. Almanack Investment Partners LLC. increased its position in Starbucks by 3.8% during the 4th quarter. Almanack Investment Partners LLC. now owns 7,256 shares of the coffee company’s stock valued at $776,000 after buying an additional 266 shares in the last quarter. Steel Peak Wealth Management LLC increased its position in Starbucks by 3.4% during the 4th quarter. Steel Peak Wealth Management LLC now owns 18,568 shares of the coffee company’s stock valued at $1,986,000 after buying an additional 619 shares in the last quarter. Finally, Pettyjohn Wood & White Inc. increased its position in Starbucks by 23.7% during the 4th quarter. Pettyjohn Wood & White Inc. now owns 15,818 shares of the coffee company’s stock valued at $1,692,000 after buying an additional 3,035 shares in the last quarter. 68.65% of the stock is owned by institutional investors and hedge funds.
In other Starbucks news, CEO Kevin R. Johnson sold 170,000 shares of the stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $111.07, for a total transaction of $18,881,900.00. Following the completion of the transaction, the chief executive officer now owns 515,934 shares of the company’s stock, valued at $57,304,789.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin R. Johnson sold 153,290 shares of the stock in a transaction that occurred on Thursday, April 1st. The shares were sold at an average price of $109.12, for a total value of $16,727,004.80. The disclosure for this sale can be found here. Insiders have sold 406,184 shares of company stock valued at $44,685,798 in the last three months. Insiders own 0.36% of the company’s stock.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Monday, April 26th. The coffee company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Starbucks had a negative return on equity of 18.94% and a net margin of 4.18%. The company had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $6.75 billion. During the same quarter in the prior year, the business posted $0.32 earnings per share. Starbucks’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, research analysts forecast that Starbucks Co. will post 2.98 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Thursday, May 13th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, May 12th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.60%. Starbucks’s payout ratio is currently 153.85%.
Several research analysts recently issued reports on SBUX shares. Barclays upped their target price on Starbucks from $137.00 to $140.00 in a research report on Wednesday, April 28th. Cowen boosted their price target on Starbucks from $120.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, April 28th. Stephens boosted their price target on Starbucks from $115.00 to $118.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 28th. Argus boosted their price target on Starbucks from $116.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, April 13th. Finally, Atlantic Securities assumed coverage on Starbucks in a research note on Tuesday, April 6th. They set an “overweight” rating and a $128.00 price target on the stock. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $120.80.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: Americas, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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