First Foundation Advisors boosted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 874.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 258,596 shares of the coffee company’s stock after purchasing an additional 232,055 shares during the period. First Foundation Advisors’ holdings in Starbucks were worth $14,699,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in SBUX. Meiji Yasuda Life Insurance Co lifted its stake in Starbucks by 1.8% in the 3rd quarter. Meiji Yasuda Life Insurance Co now owns 42,724 shares of the coffee company’s stock valued at $2,429,000 after buying an additional 743 shares in the last quarter. Wesbanco Bank Inc. lifted its stake in Starbucks by 2.2% in the 3rd quarter. Wesbanco Bank Inc. now owns 39,557 shares of the coffee company’s stock valued at $2,249,000 after buying an additional 868 shares in the last quarter. Radnor Capital Management LLC lifted its stake in Starbucks by 8.7% in the 3rd quarter. Radnor Capital Management LLC now owns 11,264 shares of the coffee company’s stock valued at $640,000 after buying an additional 900 shares in the last quarter. Mercer Capital Advisers Inc. lifted its stake in Starbucks by 5.4% in the 3rd quarter. Mercer Capital Advisers Inc. now owns 18,550 shares of the coffee company’s stock valued at $1,054,000 after buying an additional 950 shares in the last quarter. Finally, DDD Partners LLC lifted its stake in Starbucks by 13.3% in the 2nd quarter. DDD Partners LLC now owns 8,317 shares of the coffee company’s stock valued at $406,000 after buying an additional 975 shares in the last quarter. 76.07% of the stock is currently owned by institutional investors.
In related news, Director Myron E. Ullman III sold 99,166 shares of Starbucks stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $55.05, for a total value of $5,459,088.30. Following the completion of the sale, the director now owns 29,000 shares in the company, valued at approximately $1,596,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.48% of the stock is owned by company insiders.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, November 1st. The coffee company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $6.30 billion during the quarter, compared to the consensus estimate of $6.28 billion. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.55 EPS. On average, sell-side analysts expect that Starbucks Co. will post 2.65 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Thursday, November 15th were issued a dividend of $0.36 per share. The ex-dividend date was Wednesday, November 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.16%. Starbucks’s dividend payout ratio is currently 59.50%.
A number of research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $76.00 price target on shares of Starbucks in a research note on Friday. They noted that the move was a valuation call. Zacks Investment Research reaffirmed a “buy” rating and issued a $66.00 price target on shares of Starbucks in a research note on Thursday, November 15th. BidaskClub upgraded shares of Starbucks from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 13th. Citigroup increased their price objective on shares of Starbucks from $65.00 to $81.00 and gave the company a “buy” rating in a report on Monday, November 12th. Finally, Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Monday, November 12th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $65.05.
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Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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