Absher Wealth Management LLC Has $35.46 Million Holdings in Starbucks Co. (NASDAQ:SBUX)

Absher Wealth Management LLC increased its holdings in Starbucks Co. (NASDAQ:SBUX) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 363,718 shares of the coffee company’s stock after purchasing an additional 22,759 shares during the period. Starbucks makes up 4.6% of Absher Wealth Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Absher Wealth Management LLC’s holdings in Starbucks were worth $35,459,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of Starbucks in the second quarter valued at about $25,000. New Millennium Group LLC acquired a new position in Starbucks in the second quarter valued at about $26,000. Stephens Consulting LLC grew its stake in 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 buying an additional 279 shares during the last quarter. Hobbs Group Advisors LLC acquired a new stake in shares of Starbucks during the second quarter worth approximately $27,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Starbucks in the 2nd quarter worth approximately $31,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded up $0.85 on Friday, hitting $98.55. The company’s stock had a trading volume of 913,763 shares, compared to its average volume of 11,270,545. The company has a 50-day simple moving average of $95.88 and a 200 day simple moving average of $85.37. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a market capitalization of $111.68 billion, a PE ratio of 29.52, a PEG ratio of 2.63 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, meeting the consensus estimate of $0.80. The firm had revenue of $9.07 billion for 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.06 earnings per share. On average, equities research analysts expect that Starbucks Co. will post 3.45 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.61 dividend. The ex-dividend date is Friday, November 15th. 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%. Starbucks’s payout ratio is 68.88%.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SBUX. TD Cowen reaffirmed a “buy” rating and set a $110.00 price objective on shares of Starbucks in a report on Wednesday, October 23rd. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and upped their target price for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. UBS Group lifted their price target on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, Barclays decreased their price objective on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.32.

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.