TOMS Capital Investment Management LP Reduces Holdings in Starbucks Co. (NASDAQ:SBUX)

TOMS Capital Investment Management LP reduced its position in Starbucks Co. (NASDAQ:SBUX) by 53.5% in the 3rd quarter, Holdings Channel reports. The firm owned 389,338 shares of the coffee company’s stock after selling 447,324 shares during the period. Starbucks makes up 1.4% of TOMS Capital Investment Management LP’s holdings, making the stock its 11th biggest holding. TOMS Capital Investment Management LP’s holdings in Starbucks were worth $37,957,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SBUX. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Starbucks in the second quarter valued at about $25,000. New Millennium Group LLC purchased a new stake in Starbucks during the 2nd quarter valued at approximately $26,000. Stephens Consulting LLC lifted its position in Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after acquiring an additional 279 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Starbucks in the 2nd quarter valued at approximately $27,000. Finally, Olistico Wealth LLC acquired a new position in shares of Starbucks in the second quarter valued at approximately $31,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SBUX shares. JPMorgan Chase & Co. increased their price target on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Finally, UBS Group increased their target price on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.77.

Starbucks Stock Up 0.9 %

SBUX opened at $102.46 on Monday. The business’s fifty day simple moving average is $97.63 and its 200 day simple moving average is $88.10. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32. The firm has a market cap of $116.17 billion, a P/E ratio of 30.95, a PEG ratio of 3.00 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its quarterly 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 the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.06 earnings per share. As a group, equities analysts expect that Starbucks Co. will post 3.12 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.61 per share. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date was Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.38%. Starbucks’s dividend payout ratio (DPR) is 73.72%.

Insider Activity

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of Starbucks stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. This trade represents a 1.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.