Harvest Fund Management Co. Ltd Has $5.56 Million Stock Position in Starbucks Co. (NASDAQ:SBUX)

Harvest Fund Management Co. Ltd grew its holdings in Starbucks Co. (NASDAQ:SBUX) by 60.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,952 shares of the coffee company’s stock after purchasing an additional 21,442 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Starbucks were worth $5,555,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SBUX. Marshall Wace LLP grew its holdings in shares of Starbucks by 1,466.3% in the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after acquiring an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Starbucks in the second quarter valued at approximately $243,910,000. Van ECK Associates Corp raised its stake in shares of Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after purchasing an additional 2,324,847 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Starbucks by 89.2% in the 2nd quarter. National Bank of Canada FI now owns 2,553,739 shares of the coffee company’s stock valued at $196,943,000 after buying an additional 1,204,153 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Starbucks by 158.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,824,133 shares of the coffee company’s stock valued at $142,009,000 after buying an additional 1,117,343 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction dated 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 completion of the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 1,452 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $99.07, for a total transaction of $143,849.64. Following the completion of the transaction, the chief financial officer now owns 65,648 shares of the company’s stock, valued at approximately $6,503,747.36. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

Starbucks Price Performance

NASDAQ SBUX opened at $102.50 on Monday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.60. The business has a fifty day moving average price of $97.11 and a two-hundred day moving average price of $87.19. The stock has a market capitalization of $116.21 billion, a PE ratio of 30.97, a PEG ratio of 3.00 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 the consensus estimate of $0.80. The business 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% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. As a group, sell-side analysts expect that Starbucks Co. will post 3.12 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.38%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is currently 73.72%.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. BTIG Research boosted their target price on Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Redburn Atlantic reaffirmed a “sell” rating and set a $77.00 price target (down previously from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price objective on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Finally, Bank of America dropped their price objective on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.81.

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.