Envestnet Asset Management Inc. Acquires 574,763 Shares of Starbucks Co. (NASDAQ:SBUX)

Envestnet Asset Management Inc. boosted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 12.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 5,254,384 shares of the coffee company’s stock after purchasing an additional 574,763 shares during the period. Envestnet Asset Management Inc.’s holdings in Starbucks were worth $504,473,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. DSM Capital Partners LLC bought a new position in Starbucks during the fourth quarter worth about $27,000. Riggs Asset Managment Co. Inc. lifted its holdings in Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after acquiring an additional 300 shares in the last quarter. Cypress Capital Management LLC WY lifted its holdings in shares of Starbucks by 133.1% in the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 185 shares in the last quarter. Atticus Wealth Management LLC lifted its holdings in shares of Starbucks by 153.8% in the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock valued at $32,000 after purchasing an additional 200 shares in the last quarter. Finally, Evolution Advisers Inc. bought a new stake in shares of Starbucks in the fourth quarter valued at about $36,000. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SBUX shares. Stifel Nicolaus cut their price target on Starbucks from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Jefferies Financial Group cut their price target on Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Citigroup cut their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. William Blair lowered Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Finally, TD Cowen cut their price target on Starbucks from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $96.43.

Starbucks Price Performance

NASDAQ SBUX traded down $0.01 during trading on Friday, reaching $81.46. 5,217,708 shares of the company’s stock were exchanged, compared to its average volume of 10,264,628. The business has a 50 day moving average price of $82.05 and a 200-day moving average price of $90.33. The stock has a market capitalization of $92.27 billion, a P/E ratio of 22.68, a PEG ratio of 1.77 and a beta of 0.96. Starbucks Co. has a fifty-two week low of $71.80 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The business had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period last year, the firm earned $0.74 EPS. Starbucks’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts forecast that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Thursday, May 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Insider Transactions at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a filing with the SEC, which is available at this link. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The disclosure for this sale can be found here. Insiders sold a total of 7,750 shares of company stock worth $642,050 over the last quarter. Company insiders own 1.98% of the company’s stock.

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.