Walker Asset Management LLC Raises Stake in Starbucks Co. (NASDAQ:SBUX)

Walker Asset Management LLC lifted its position in Starbucks Co. (NASDAQ:SBUX) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 22,619 shares of the coffee company’s stock after acquiring an additional 160 shares during the quarter. Starbucks comprises approximately 1.4% of Walker Asset Management LLC’s portfolio, making the stock its 10th largest holding. Walker Asset Management LLC’s holdings in Starbucks were worth $2,205,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SBUX. Vanguard Group Inc. increased its stake in shares of Starbucks by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after purchasing an additional 470,498 shares during the last quarter. Legal & General Group Plc boosted its holdings in Starbucks by 2.6% in the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after buying an additional 221,718 shares during the period. Flossbach Von Storch AG raised its holdings in Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after acquiring an additional 2,897,282 shares during the period. Nordea Investment Management AB lifted its position in shares of Starbucks by 5.2% during the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock worth $495,145,000 after acquiring an additional 266,570 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Starbucks in the first quarter worth $415,167,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of SBUX stock traded up $0.18 during trading hours on Thursday, reaching $97.83. The company had a trading volume of 4,642,664 shares, compared to its average volume of 11,349,207. The business has a fifty day moving average price of $95.38 and a 200-day moving average price of $84.89. The firm has a market cap of $110.86 billion, a PE ratio of 27.64, a price-to-earnings-growth ratio of 2.14 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 posted its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter last year, the firm posted $1.00 earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. Equities research analysts forecast that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.61 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is presently 63.87%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SBUX. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Morgan Stanley raised their price objective on shares of Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Bank of America lowered their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Stifel Nicolaus reduced their price target on shares of Starbucks from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and an average price target of $102.48.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, with a total value 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at $7,057,327.62. This trade represents 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.

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.