Halbert Hargrove Russell LLC acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX) during the second quarter, according to its most recent filing with the SEC. The fund acquired 3,035 shares of the coffee company’s stock, valued at approximately $254,000.
Other large investors also recently added to or reduced their stakes in the company. Lake Point Wealth Management purchased a new position in shares of Starbucks in the 4th quarter worth about $25,000. Cowen Prime Services LLC purchased a new position in shares of Starbucks in the 1st quarter worth about $26,000. Paragon Capital Management LLC purchased a new position in shares of Starbucks in the 1st quarter worth about $29,000. C J Advisory Inc purchased a new position in shares of Starbucks in the 1st quarter worth about $34,000. Finally, Atlas Capital Advisors LLC boosted its holdings in shares of Starbucks by 53.3% in the 2nd quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock worth $35,000 after purchasing an additional 145 shares in the last quarter. Institutional investors own 71.86% of the company’s stock.
Shares of SBUX opened at $95.22 on Tuesday. The company’s fifty day simple moving average is $89.20. Starbucks Co. has a 12 month low of $51.19 and a 12 month high of $99.72. The stock has a market cap of $114.33 billion, a P/E ratio of 39.35, a price-to-earnings-growth ratio of 2.63 and a beta of 0.55.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be paid a $0.36 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.51%. Starbucks’s dividend payout ratio (DPR) is currently 59.50%.
A number of research firms have recently issued reports on SBUX. Zacks Investment Research upgraded Starbucks from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a report on Tuesday, June 18th. Wedbush increased their target price on Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Goldman Sachs Group initiated coverage on Starbucks in a report on Monday, July 29th. They set a “buy” rating and a $110.00 target price for the company. Credit Suisse Group initiated coverage on Starbucks in a report on Tuesday, June 25th. They set an “outperform” rating and a $92.00 target price for the company. Finally, BidaskClub upgraded Starbucks from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $89.53.
In related news, EVP Lucy Lee Helm sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $83.00, for a total value of $830,000.00. Following the transaction, the executive vice president now directly owns 113,455 shares of the company’s stock, valued at approximately $9,416,765. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Myron E. Ullman III sold 9,973 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $95.00, for a total value of $947,435.00. Following the completion of the transaction, the director now directly owns 28,390 shares in the company, valued at $2,697,050. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,738 shares of company stock worth $11,291,327. Company insiders own 3.98% of the company’s stock.
Starbucks Company Profile
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.
See Also: Why do companies pay special dividends?
Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX).
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.