Chaney Capital Management Inc. Boosts Stock Position in Starbucks Co. (NASDAQ:SBUX)

Chaney Capital Management Inc. lifted its position in Starbucks Co. (NASDAQ:SBUX) by 32.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,423 shares of the coffee company’s stock after buying an additional 2,578 shares during the quarter. Starbucks makes up 0.6% of Chaney Capital Management Inc.’s investment portfolio, making the stock its 16th largest holding. Chaney Capital Management Inc.’s holdings in Starbucks were worth $1,016,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vestor Capital LLC grew its stake in Starbucks by 42.8% during the 3rd quarter. Vestor Capital LLC now owns 2,605 shares of the coffee company’s stock worth $254,000 after purchasing an additional 781 shares in the last quarter. Ground Swell Capital LLC acquired a new position in Starbucks during the 3rd quarter worth $1,343,000. Robeco Institutional Asset Management B.V. grew its stake in Starbucks by 6.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 45,446 shares of the coffee company’s stock worth $4,431,000 after purchasing an additional 2,590 shares in the last quarter. Opes Wealth Management LLC acquired a new position in Starbucks during the 3rd quarter worth $203,000. Finally, First National Bank Sioux Falls grew its stake in Starbucks by 11.3% during the 3rd quarter. First National Bank Sioux Falls now owns 6,292 shares of the coffee company’s stock worth $613,000 after purchasing an additional 637 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

SBUX opened at $98.65 on Monday. The business has a 50 day simple moving average of $95.98 and a 200-day simple moving average of $85.46. The stock has a market capitalization of $111.79 billion, a P/E ratio of 29.87, a P/E/G ratio of 2.66 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The business had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the firm earned $1.06 EPS. Research analysts anticipate that Starbucks Co. will post 3.42 EPS for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. The ex-dividend date of this dividend 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 2.47%. Starbucks’s payout ratio is currently 73.72%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. JPMorgan Chase & Co. boosted their target price on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research report on Wednesday, August 21st. Finally, Barclays lowered their price objective on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus price target of $103.32.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Starbucks 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.