Legacy Capital Wealth Partners LLC Buys Shares of 2,741 Starbucks Co. (NASDAQ:SBUX)

Legacy Capital Wealth Partners LLC purchased a new stake in shares of Starbucks Co. (NASDAQ:SBUX) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,741 shares of the coffee company’s stock, valued at approximately $267,000.

Other institutional investors have also modified their holdings of the company. Sigma Planning Corp increased its position in shares of Starbucks by 5.9% during the third quarter. Sigma Planning Corp now owns 20,323 shares of the coffee company’s stock worth $1,981,000 after purchasing an additional 1,131 shares in the last quarter. Atria Investments Inc raised its stake in Starbucks by 9.3% in the third quarter. Atria Investments Inc now owns 157,916 shares of the coffee company’s stock valued at $15,395,000 after buying an additional 13,479 shares during the last quarter. Essex Savings Bank boosted its holdings in Starbucks by 1.6% in the third quarter. Essex Savings Bank now owns 7,250 shares of the coffee company’s stock worth $707,000 after acquiring an additional 112 shares in the last quarter. Acorn Financial Advisory Services Inc. ADV purchased a new stake in shares of Starbucks during the third quarter worth about $211,000. Finally, Cypress Point Wealth Management LLC acquired a new position in shares of Starbucks during the third quarter valued at about $653,000. 72.29% of the stock is currently owned by institutional investors.

Insider Transactions at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The stock was bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction on 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 acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 completion of the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on SBUX shares. Bank of America dropped their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, BTIG Research lifted their target price on Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.32.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $100.31 on Tuesday. The firm has a fifty day moving average of $96.07 and a 200 day moving average of $85.77. The firm has a market cap of $113.67 billion, a PE ratio of 30.31, a PEG ratio of 2.83 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates 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 net margin of 10.40% and a negative return on equity of 46.39%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.06 earnings per share. On average, equities analysts predict that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed 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 represents a $2.44 dividend on an annualized basis and a yield of 2.43%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is presently 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.