Opes Wealth Management LLC Makes New Investment in Starbucks Co. (NASDAQ:SBUX)

Opes Wealth Management LLC bought a new stake in Starbucks Co. (NASDAQ:SBUX) during the 3rd quarter, HoldingsChannel reports. The firm bought 2,084 shares of the coffee company’s stock, valued at approximately $203,000.

A number of other institutional investors and hedge funds have also modified their holdings of SBUX. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Starbucks during the second quarter worth $25,000. New Millennium Group LLC acquired a new position in shares of Starbucks during the 2nd quarter worth approximately $26,000. Stephens Consulting LLC increased its position in Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after purchasing an additional 279 shares during the last quarter. Hobbs Group Advisors LLC purchased a new position in Starbucks during the second quarter worth about $27,000. Finally, MFA Wealth Advisors LLC acquired a new position in Starbucks in the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’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 completion of the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were 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 owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SBUX. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and decreased their price objective for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and upped their price target for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. JPMorgan Chase & Co. raised their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. BMO Capital Markets upped their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. Finally, Piper Sandler upgraded 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 report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.32.

Starbucks Price Performance

NASDAQ SBUX opened at $98.87 on Monday. The company has a fifty day moving average of $95.98 and a two-hundred day moving average of $85.46. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a market capitalization of $112.04 billion, a PE ratio of 29.87, a P/E/G ratio of 2.66 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter last year, the business posted $1.06 EPS. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, research analysts expect that Starbucks Co. will post 3.42 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.61 per share. The ex-dividend date is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.47%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is currently 73.72%.

Starbucks 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.