Allspring Global Investments Holdings LLC Grows Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Allspring Global Investments Holdings LLC lifted its holdings in Starbucks Co. (NASDAQ:SBUX) by 13.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 353,693 shares of the coffee company’s stock after buying an additional 41,384 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Starbucks were worth $27,535,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vima LLC purchased a new stake in Starbucks during the fourth quarter valued at approximately $26,000. Scarborough Advisors LLC purchased a new stake in Starbucks during the 4th quarter valued at $26,000. New Millennium Group LLC purchased a new stake in Starbucks during the 2nd quarter valued at $26,000. DSM Capital Partners LLC bought a new stake in Starbucks in the fourth quarter worth $27,000. Finally, Hobbs Group Advisors LLC purchased a new position in Starbucks during the second quarter worth $27,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets lowered their target price on shares of Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. UBS Group decreased their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. JPMorgan Chase & Co. reduced their price target on Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Finally, Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.21.

Insider Buying and Selling at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the sale, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The disclosure for this sale can be found here. Insiders sold a total of 9,790 shares of company stock worth $865,514 over the last three months. Corporate insiders own 1.98% of the company’s stock.

Starbucks Trading Up 3.1 %

Shares of NASDAQ:SBUX opened at $98.60 on Wednesday. The company has a market capitalization of $111.68 billion, a PE ratio of 27.16, a P/E/G ratio of 2.28 and a beta of 0.94. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66. The business’s fifty day simple moving average is $79.79 and its 200-day simple moving average is $83.82.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Research analysts predict that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.57 per share. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.31%. Starbucks’s payout ratio is 62.81%.

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.