49 Wealth Management LLC Purchases 619 Shares of Starbucks Co. (NASDAQ:SBUX)

49 Wealth Management LLC lifted its position in Starbucks Co. (NASDAQ:SBUX) by 12.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,529 shares of the coffee company’s stock after purchasing an additional 619 shares during the period. 49 Wealth Management LLC’s holdings in Starbucks were worth $539,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Quent Capital LLC boosted its stake in shares of Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock valued at $401,000 after purchasing an additional 385 shares in the last quarter. Capital International Inc. CA raised its stake in Starbucks by 56.2% in the first quarter. Capital International Inc. CA now owns 43,245 shares of the coffee company’s stock valued at $3,952,000 after buying an additional 15,557 shares during the last quarter. Capital World Investors acquired a new stake in Starbucks in the first quarter worth about $257,721,000. Canada Pension Plan Investment Board grew its stake in shares of Starbucks by 56.7% during the first quarter. Canada Pension Plan Investment Board now owns 1,414,404 shares of the coffee company’s stock worth $129,262,000 after acquiring an additional 511,621 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Starbucks in the 1st quarter valued at approximately $136,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Up 1.7 %

NASDAQ:SBUX opened at $99.97 on Friday. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $104.68. The stock’s fifty day moving average is $97.03 and its two-hundred day moving average is $86.79. The stock has a market capitalization of $113.29 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 2.85 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. The firm had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. Starbucks’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 EPS. On average, sell-side analysts expect that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

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

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of recent analyst reports. TD Cowen restated a “buy” rating and set a $110.00 price target on shares of Starbucks in a research note on Monday, November 11th. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $92.00 to $115.00 in a report on Thursday, September 26th. BTIG Research increased their price objective on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rachel Ruggeri sold 1,452 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the transaction, the chief financial officer now owns 65,648 shares in the company, valued at $6,503,747.36. This represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

About Starbucks

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.