Hedeker Wealth LLC grew its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 15.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,952 shares of the coffee company’s stock after buying an additional 3,968 shares during the quarter. Hedeker Wealth LLC’s holdings in Starbucks were worth $2,427,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in Starbucks by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,100,583 shares of the coffee company’s stock valued at $264,063,000 after purchasing an additional 20,719 shares in the last quarter. Covington Capital Management boosted its stake in Starbucks by 5.7% during the 4th quarter. Covington Capital Management now owns 83,703 shares of the coffee company’s stock valued at $5,390,000 after purchasing an additional 4,542 shares in the last quarter. M Holdings Securities Inc. bought a new position in Starbucks during the 4th quarter valued at $201,000. Colony Group LLC boosted its stake in Starbucks by 0.8% during the 4th quarter. Colony Group LLC now owns 37,513 shares of the coffee company’s stock valued at $2,416,000 after purchasing an additional 302 shares in the last quarter. Finally, Capital Financial Planning LLC bought a new position in Starbucks during the 4th quarter valued at $70,000. Hedge funds and other institutional investors own 71.86% of the company’s stock.
A number of brokerages have issued reports on SBUX. Bank of America set a $85.00 price target on Starbucks and gave the company a “buy” rating in a research note on Friday, April 26th. Zacks Investment Research raised Starbucks from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research note on Tuesday, June 18th. Cowen set a $93.00 price target on Starbucks and gave the company a “hold” rating in a research note on Friday, July 26th. Jefferies Financial Group increased their price target on Starbucks from $96.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Stephens increased their price target on Starbucks from $72.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Starbucks currently has a consensus rating of “Buy” and a consensus target price of $89.53.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.06. The business had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.67 billion. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The company’s revenue was up 8.1% compared to the same quarter last year. During the same period last year, the company posted $0.62 EPS. Equities research analysts forecast that Starbucks Co. will post 2.82 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, August 8th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Wednesday, August 7th. Starbucks’s dividend payout ratio is presently 59.50%.
In other news, insider John Culver sold 63,937 shares of the firm’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jill Walker sold 6,492 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $95.70, for a total value of $621,284.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,738 shares of company stock valued at $11,291,327. Corporate insiders own 3.98% of the company’s stock.
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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