Baker Avenue Asset Management LP Takes $215,000 Position in Starbucks Co. (NASDAQ:SBUX)

Baker Avenue Asset Management LP bought a new position in Starbucks Co. (NASDAQ:SBUX) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 2,204 shares of the coffee company’s stock, valued at approximately $215,000.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. Stifel Nicolaus upped their price target on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. Finally, Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $103.32.

Insider Buying and Selling

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the transaction, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value 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 approximately $7,057,327.62. 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 owned by company insiders.

Starbucks Stock Up 2.8 %

Shares of Starbucks stock opened at $100.31 on Tuesday. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The firm’s 50 day moving average price is $96.07 and its 200-day moving average price is $85.77. The company has a market cap of $113.67 billion, a P/E ratio of 30.31, a PEG ratio of 2.83 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter last year, the business posted $1.06 EPS. The company’s revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.43%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is 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.