Stewart & Patten Co. LLC Acquires 18,688 Shares of Starbucks Co. (NASDAQ:SBUX)

Stewart & Patten Co. LLC increased its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 15.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,563 shares of the coffee company’s stock after buying an additional 18,688 shares during the period. Starbucks accounts for about 1.9% of Stewart & Patten Co. LLC’s investment portfolio, making the stock its 26th biggest holding. Stewart & Patten Co. LLC’s holdings in Starbucks were worth $12,480,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vima LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $26,000. Scarborough Advisors LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $27,000. Riggs Asset Managment Co. Inc. grew its holdings in Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after purchasing an additional 300 shares during the period. Finally, Fairman Group LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $30,000. 72.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SBUX. Morgan Stanley reduced their price target on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Piper Sandler reduced their price target on shares of Starbucks from $88.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Wedbush reiterated a “neutral” rating and issued a $81.00 price target on shares of Starbucks in a report on Friday. TD Cowen reiterated a “hold” rating and issued a $85.00 price target on shares of Starbucks in a report on Thursday, June 13th. Finally, UBS Group reduced their price target on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Starbucks presently has a consensus rating of “Hold” and a consensus price target of $94.54.

Starbucks Price Performance

NASDAQ SBUX traded down $0.72 on Monday, hitting $77.13. 6,763,647 shares of the stock were exchanged, compared to its average volume of 10,416,702. The company has a market capitalization of $87.37 billion, a PE ratio of 21.27, a P/E/G ratio of 1.70 and a beta of 0.94. The business’s fifty day moving average is $79.66 and its 200 day moving average is $87.95. Starbucks Co. has a 52 week low of $71.80 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. Starbucks’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.74 earnings per share. Analysts predict that Starbucks Co. will post 3.59 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold 10,750 shares of company stock valued at $878,893 over the last ninety days. 1.98% of the stock is currently owned by company insiders.

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.