Great Lakes Advisors LLC Boosts Holdings in Starbucks Co. (NASDAQ:SBUX)

Great Lakes Advisors LLC lifted its stake in Starbucks Co. (NASDAQ:SBUXGet Rating) by 12.3% in the 1st quarter, HoldingsChannel reports. The firm owned 55,562 shares of the coffee company’s stock after buying an additional 6,105 shares during the quarter. Great Lakes Advisors LLC’s holdings in Starbucks were worth $5,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tobam purchased a new stake in shares of Starbucks in the 1st quarter worth about $198,000. Essex LLC lifted its position in Starbucks by 15.7% during the 1st quarter. Essex LLC now owns 46,017 shares of the coffee company’s stock valued at $4,186,000 after acquiring an additional 6,233 shares during the period. Cim LLC lifted its position in Starbucks by 11.6% during the 1st quarter. Cim LLC now owns 4,036 shares of the coffee company’s stock valued at $326,000 after acquiring an additional 420 shares during the period. Opes Wealth Management LLC lifted its position in Starbucks by 24.0% during the 1st quarter. Opes Wealth Management LLC now owns 3,111 shares of the coffee company’s stock valued at $283,000 after acquiring an additional 603 shares during the period. Finally, Benjamin Edwards Inc. lifted its position in Starbucks by 65.2% during the 4th quarter. Benjamin Edwards Inc. now owns 1,513 shares of the coffee company’s stock valued at $177,000 after acquiring an additional 597 shares during the period. 69.21% of the stock is owned by hedge funds and other institutional investors.

Starbucks Trading Down 1.3 %

Shares of NASDAQ SBUX opened at $85.73 on Friday. The firm has a 50 day moving average of $78.88 and a 200 day moving average of $83.14. The firm has a market capitalization of $98.32 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 2.73 and a beta of 0.95. Starbucks Co. has a 12-month low of $68.39 and a 12-month high of $120.76.

Starbucks (NASDAQ:SBUXGet Rating) last announced its earnings results on Tuesday, August 2nd. The coffee company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.07. Starbucks had a net margin of 13.03% and a negative return on equity of 47.28%. During the same quarter last year, the business earned $1.01 earnings per share. Sell-side analysts predict that Starbucks Co. will post 2.85 EPS for the current year.

Starbucks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Friday, August 12th will be given a dividend of $0.49 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $1.96 annualized dividend and a yield of 2.29%. Starbucks’s dividend payout ratio (DPR) is 55.21%.

Insider Activity at Starbucks

In other news, CEO Howard D. Schultz purchased 137,500 shares of the stock in a transaction on Tuesday, May 10th. The shares were acquired at an average price of $72.67 per share, with a total value of $9,992,125.00. Following the completion of the acquisition, the chief executive officer now directly owns 19,534,460 shares of the company’s stock, valued at $1,419,569,208.20. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Howard D. Schultz purchased 137,500 shares of the stock in a transaction on Tuesday, May 10th. The shares were acquired at an average price of $72.67 per share, with a total value of $9,992,125.00. Following the completion of the acquisition, the chief executive officer now directly owns 19,534,460 shares of the company’s stock, valued at $1,419,569,208.20. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Howard D. Schultz purchased 72,500 shares of the stock in a transaction on Thursday, May 12th. The shares were purchased at an average cost of $68.85 per share, for a total transaction of $4,991,625.00. Following the acquisition, the chief executive officer now directly owns 19,606,960 shares of the company’s stock, valued at $1,349,939,196. The disclosure for this purchase can be found here. 0.27% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. BTIG Research lowered their price target on shares of Starbucks from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, April 20th. Piper Sandler lifted their price target on shares of Starbucks from $80.00 to $84.00 and gave the company a “neutral” rating in a research report on Monday, July 18th. MKM Partners lowered their price target on shares of Starbucks from $105.00 to $98.00 in a research report on Wednesday, May 4th. TheStreet lowered shares of Starbucks from a “b-” rating to a “c+” rating in a research note on Friday, April 22nd. Finally, Barclays raised their price objective on shares of Starbucks from $94.00 to $96.00 and gave the company an “overweight” rating in a research note on Wednesday. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks currently has a consensus rating of “Hold” and an average price target of $102.92.

About Starbucks

(Get Rating)

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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