Weatherly Asset Management L. P. lowered its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 1.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,861 shares of the coffee company’s stock after selling 1,684 shares during the quarter. Starbucks comprises approximately 1.2% of Weatherly Asset Management L. P.’s holdings, making the stock its 22nd largest holding. Weatherly Asset Management L. P.’s holdings in Starbucks were worth $11,316,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also bought and sold shares of the stock. Riggs Asset Managment Co. Inc. raised its position in shares of Starbucks by 1,578.9% during 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. Atticus Wealth Management LLC raised its position 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 valued at $32,000 after buying an additional 200 shares in the last quarter. Financial Connections Group Inc. purchased a new stake in shares of Starbucks during the 4th quarter valued at about $38,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of Starbucks during the 4th quarter valued at about $38,000. Finally, Fortitude Family Office LLC bought a new position in Starbucks during the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.
Starbucks Price Performance
SBUX stock traded down $0.31 during midday trading on Tuesday, hitting $87.87. 5,662,674 shares of the stock traded hands, compared to its average volume of 8,423,798. The firm has a market cap of $99.49 billion, a P/E ratio of 23.53, a PEG ratio of 1.42 and a beta of 0.98. The stock’s fifty day simple moving average is $90.80 and its 200-day simple moving average is $94.42. Starbucks Co. has a 1-year low of $84.29 and a 1-year high of $115.48.
Starbucks Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is presently 60.96%.
Insiders Place Their Bets
In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were 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 of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 7,000 shares of company stock valued at $629,738 over the last ninety days. Company insiders own 1.98% of the company’s stock.
Wall Street Analyst Weigh In
SBUX has been the topic of several analyst reports. BTIG Research cut their price target on shares of Starbucks from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, January 31st. Gordon Haskett downgraded shares of Starbucks from a “buy” rating to a “hold” rating and set a $100.00 price target on the stock. in a report on Tuesday, January 16th. Stifel Nicolaus cut their price target on shares of Starbucks from $102.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, April 11th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Friday. Finally, Morgan Stanley dropped their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, April 12th. Fourteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $106.68.
Read Our Latest Research Report on Starbucks
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.
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