McIlrath & Eck LLC raised its stake in Starbucks Co. (NASDAQ:SBUX) by 2.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,235 shares of the coffee company’s stock after purchasing an additional 162 shares during the quarter. Starbucks makes up 0.3% of McIlrath & Eck LLC’s holdings, making the stock its 14th largest position. McIlrath & Eck LLC’s holdings in Starbucks were worth $640,000 at the end of the most recent quarter.
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Other institutional investors also recently added to or reduced their stakes in the company. Enterprise Trust & Investment Co bought a new stake in Starbucks in the second quarter worth approximately $25,000. 1 North Wealth Services LLC bought a new stake in Starbucks in the third quarter worth approximately $30,000. Northern Oak Wealth Management Inc. grew its position in Starbucks by 95.7% in the second quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock worth $31,000 after acquiring an additional 177 shares in the last quarter. Redhawk Wealth Advisors Inc. bought a new stake in Starbucks in the second quarter worth approximately $32,000. Finally, Candriam Luxembourg S.C.A. grew its position in Starbucks by 3.9% in the third quarter. Candriam Luxembourg S.C.A. now owns 373,364 shares of the coffee company’s stock worth $33,000 after acquiring an additional 14,069 shares in the last quarter. Hedge funds and other institutional investors own 70.68% of the company’s stock.
Starbucks stock traded down $0.18 during mid-day trading on Friday, reaching $81.77. The company had a trading volume of 7,054,700 shares, compared to its average volume of 8,267,584. The firm has a market cap of $98.02 billion, a price-to-earnings ratio of 28.89, a PEG ratio of 2.03 and a beta of 0.53. The company has a 50 day moving average of $85.72 and a 200-day moving average of $86.55. Starbucks Co. has a 52 week low of $60.42 and a 52 week high of $99.72.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 30th. The coffee company reported $0.70 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.70. The business had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.68 billion. Starbucks had a net margin of 13.58% and a negative return on equity of 75.45%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. On average, equities research analysts predict that Starbucks Co. will post 3.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Wednesday, November 13th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.01%. This is a boost from Starbucks’s previous quarterly dividend of $0.36. Starbucks’s dividend payout ratio (DPR) is 50.88%.
Several analysts have commented on the stock. Oppenheimer boosted their target price on shares of Starbucks from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. ValuEngine downgraded shares of Starbucks from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus upped their price objective on shares of Starbucks from $86.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Cowen set a $93.00 price objective on shares of Starbucks and gave the stock a “hold” rating in a report on Monday, September 23rd. Finally, Robert W. Baird reaffirmed a “hold” rating on shares of Starbucks in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $89.64.
In other Starbucks news, EVP Vivek C. Varma sold 21,128 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $95.86, for a total value of $2,025,330.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Javier G. Teruel sold 59,838 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $96.92, for a total transaction of $5,799,498.96. The disclosure for this sale can be found here. Insiders have sold a total of 112,885 shares of company stock valued at $10,707,543 in the last quarter. 3.98% of the stock is currently owned by corporate insiders.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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