King Wealth Management Group Takes $232,000 Position in Starbucks Co. (NASDAQ:SBUX)

King Wealth Management Group acquired a new position in Starbucks Co. (NASDAQ:SBUX) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 2,376 shares of the coffee company’s stock, valued at approximately $232,000.

Several other large investors have also recently added to or reduced their stakes in SBUX. Strategic Investment Solutions Inc. IL bought a new stake in shares of Starbucks during the 2nd quarter worth about $25,000. New Millennium Group LLC purchased a new position in Starbucks during the 2nd quarter valued at about $26,000. Stephens Consulting LLC increased 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 acquired a new stake in shares of Starbucks during the 2nd quarter valued at about $27,000. Finally, Olistico Wealth LLC acquired a new position in shares of Starbucks during the 2nd quarter worth $31,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on SBUX. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and reduced their price target for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. JPMorgan Chase & Co. increased their target price on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Finally, Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.31.

Starbucks Trading Down 0.6 %

NASDAQ SBUX opened at $99.23 on Friday. The company has a market cap of $112.45 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 2.89 and a beta of 0.97. The company has a 50 day moving average of $96.45 and a 200-day moving average of $86.03. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The company had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 EPS. On average, equities research analysts forecast that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.46%. Starbucks’s dividend payout ratio (DPR) is 73.72%.

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.