Essex Savings Bank Buys 112 Shares of Starbucks Co. (NASDAQ:SBUX)

Essex Savings Bank raised its stake in Starbucks Co. (NASDAQ:SBUX) by 1.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,250 shares of the coffee company’s stock after purchasing an additional 112 shares during the period. Essex Savings Bank’s holdings in Starbucks were worth $707,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Ontario Teachers Pension Plan Board bought a new position in shares of Starbucks during the 1st quarter worth about $415,167,000. Marshall Wace LLP increased its position in shares of Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Starbucks during the 2nd quarter worth about $243,910,000. Capital World Investors acquired a new stake in shares of Starbucks during the 1st quarter worth about $257,721,000. Finally, Van ECK Associates Corp increased its position 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. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Up 1.5 %

NASDAQ SBUX opened at $97.55 on Friday. The company has a market capitalization of $110.54 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 2.78 and a beta of 0.97. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66. The firm’s 50 day moving average is $96.07 and its 200-day moving average is $85.81.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the company earned $1.06 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Starbucks Co. will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is presently 68.88%.

Insider Buying and Selling

In related news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. 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 company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SBUX. Bank of America dropped their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. BTIG Research raised their price objective on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Barclays lowered their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Finally, Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $103.32.

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.