2,376 Shares in Starbucks Co. (NASDAQ:SBUX) Purchased by King Wealth Management Group

King Wealth Management Group bought a new stake in Starbucks Co. (NASDAQ:SBUX) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,376 shares of the coffee company’s stock, valued at approximately $232,000.

Several other hedge funds also recently modified their holdings of the company. CIBC Asset Management Inc boosted its position in Starbucks by 6.1% during the third quarter. CIBC Asset Management Inc now owns 382,334 shares of the coffee company’s stock worth $37,274,000 after acquiring an additional 21,851 shares during the last quarter. Intellectus Partners LLC grew its position in shares of Starbucks by 9.4% in the third quarter. Intellectus Partners LLC now owns 11,430 shares of the coffee company’s stock valued at $1,114,000 after purchasing an additional 984 shares during the period. OneDigital Investment Advisors LLC lifted its position in Starbucks by 18.3% during the third quarter. OneDigital Investment Advisors LLC now owns 49,403 shares of the coffee company’s stock worth $4,816,000 after buying an additional 7,636 shares during the period. McGinn Penninger Investment Management Inc. acquired a new stake in Starbucks in the 3rd quarter worth about $3,188,000. Finally, Omnia Family Wealth LLC purchased a new stake in Starbucks in the 3rd quarter valued at about $242,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SBUX has been the topic of several research analyst reports. UBS Group raised their target price 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. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $80.00 to $120.00 in a research note on Wednesday, August 14th. Bank of America cut their target price on Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and boosted their price target for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Finally, DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a research note on Wednesday, August 21st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.31.

Starbucks Stock Performance

NASDAQ:SBUX opened at $99.23 on Friday. The company has a market capitalization of $112.45 billion, a price-to-earnings ratio of 29.98, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The stock has a 50-day simple moving average of $96.45 and a 200 day simple moving average of $86.03.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the business earned $1.06 EPS. The business’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities research analysts forecast that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared 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 is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is presently 73.72%.

Insider Activity

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This represents a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.98% of the company’s stock.

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.