Naviter Wealth LLC Grows Position in Starbucks Co. (NASDAQ:SBUX)

Naviter Wealth LLC grew its position in shares of Starbucks Co. (NASDAQ:SBUX) by 12.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,629 shares of the coffee company’s stock after purchasing an additional 2,068 shares during the period. Naviter Wealth LLC’s holdings in Starbucks were worth $1,450,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SBUX. Vanguard Group Inc. boosted its holdings in shares of Starbucks by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after purchasing an additional 470,498 shares during the period. Norges Bank bought a new position in shares of Starbucks during the fourth quarter valued at approximately $1,240,652,000. Fisher Asset Management LLC lifted its stake in shares of Starbucks by 2.3% during the 4th quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock worth $1,090,654,000 after acquiring an additional 260,489 shares during the last quarter. Flossbach Von Storch AG grew its position in Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after acquiring an additional 2,897,282 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Starbucks by 3.1% in the fourth quarter. Franklin Resources Inc. now owns 5,511,378 shares of the coffee company’s stock worth $529,147,000 after purchasing an additional 166,010 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Down 1.5 %

SBUX opened at $93.18 on Wednesday. The company has a market cap of $105.59 billion, a P/E ratio of 25.67, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. The firm’s 50-day moving average price is $81.63 and its 200-day moving average price is $83.84. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the prior year, the business posted $1.00 EPS. Starbucks’s revenue for the quarter was down .6% compared to the same quarter last year. On average, research analysts anticipate that Starbucks Co. will post 3.56 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.45%. Starbucks’s dividend payout ratio is currently 62.81%.

Analyst Ratings Changes

Several research analysts recently commented on SBUX shares. Wedbush reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Starbucks in a research note on Tuesday, August 13th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. TD Cowen raised Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $81.00 to $105.00 in a research note on Tuesday, August 13th. BMO Capital Markets lowered their target price on Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, Bank of America raised their price target on Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, June 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $99.21.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,790 shares of company stock worth $865,514. 1.98% of the stock is currently owned by insiders.

Starbucks Company Profile

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.