Global Trust Asset Management LLC grew its position in Starbucks Co. (NASDAQ:SBUX) by 117.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,705 shares of the coffee company’s stock after purchasing an additional 2,000 shares during the period. Global Trust Asset Management LLC’s holdings in Starbucks were worth $311,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SBUX. Norges Bank acquired a new position in shares of Starbucks in the 4th quarter valued at about $807,368,000. Two Sigma Advisers LP acquired a new position in shares of Starbucks in the 4th quarter valued at about $352,796,000. Robeco Institutional Asset Management B.V. lifted its stake in shares of Starbucks by 162.1% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 3,327,726 shares of the coffee company’s stock valued at $278,964,000 after purchasing an additional 2,058,082 shares in the last quarter. FMR LLC lifted its stake in shares of Starbucks by 19.8% in the 1st quarter. FMR LLC now owns 10,424,208 shares of the coffee company’s stock valued at $774,936,000 after purchasing an additional 1,720,231 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Starbucks by 432.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 901,772 shares of the coffee company’s stock valued at $67,038,000 after purchasing an additional 1,173,260 shares in the last quarter. 71.84% of the stock is currently owned by institutional investors and hedge funds.
SBUX stock opened at $95.38 on Friday. Starbucks Co. has a 52-week low of $51.19 and a 52-week high of $99.72. The business’s 50 day simple moving average is $88.33. The stock has a market cap of $115.52 billion, a P/E ratio of 39.41, a PEG ratio of 2.67 and a beta of 0.55.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, August 8th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $1.44 annualized dividend and a yield of 1.51%. Starbucks’s dividend payout ratio is presently 59.50%.
In other Starbucks news, Director Myron E. Ullman III sold 9,973 shares of Starbucks stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $76.12, for a total transaction of $759,144.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John Culver sold 63,937 shares of Starbucks stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $78.04, for a total value of $4,989,643.48. The disclosure for this sale can be found here. Insiders have sold a total of 117,273 shares of company stock worth $9,722,608 over the last 90 days. 3.98% of the stock is owned by company insiders.
Several equities analysts have recently weighed in on SBUX shares. Oppenheimer lifted their price objective on Starbucks from $95.00 to $105.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Cowen set a $93.00 target price on Starbucks and gave the company a “hold” rating in a report on Friday, July 26th. OTR Global upgraded Starbucks to a “positive” rating in a report on Tuesday, July 16th. BidaskClub upgraded Starbucks from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. Finally, Credit Suisse Group started coverage on Starbucks in a report on Tuesday, June 25th. They set an “outperform” rating and a $92.00 target price on the stock. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $89.53.
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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