Absher Wealth Management LLC Increases Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Absher Wealth Management LLC increased its stake in Starbucks Co. (NASDAQ:SBUX) by 6.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 363,718 shares of the coffee company’s stock after buying an additional 22,759 shares during the period. Starbucks accounts for about 4.6% of Absher Wealth Management LLC’s portfolio, making the stock its 3rd largest position. Absher Wealth Management LLC’s holdings in Starbucks were worth $35,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Starbucks during the 2nd quarter worth $25,000. New Millennium Group LLC purchased a new position in Starbucks in the second quarter worth $26,000. Stephens Consulting LLC increased its position in shares of 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 in the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Starbucks in the 2nd quarter worth $27,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Starbucks in the 2nd quarter worth $31,000. Institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

SBUX has been the subject of a number of research analyst reports. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and increased their price target for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Morgan Stanley boosted their price target on Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Finally, Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.32.

Starbucks Stock Performance

Shares of SBUX traded up $0.85 during mid-day trading on Friday, hitting $98.55. 913,763 shares of the company’s stock were exchanged, compared to its average volume of 11,270,545. The stock’s 50-day moving average is $95.88 and its 200-day moving average is $85.37. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The company has a market cap of $111.68 billion, a price-to-earnings ratio of 29.52, a P/E/G ratio of 2.63 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The firm had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 45.15% and a net margin of 10.40%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.06 EPS. As a group, equities research analysts anticipate that Starbucks Co. will post 3.45 EPS for the current year.

Starbucks Increases Dividend

The company also recently disclosed 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 is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is currently 68.88%.

Insider Transactions at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost 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 approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.98% of the company’s stock.

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.