Mirae Asset Global Investments Co. Ltd. Acquires 42,402 Shares of Starbucks Co. (NASDAQ:SBUX)

by · The Markets Daily

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Starbucks Co. (NASDAQ:SBUX – Free Report) by 12.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 379,257 shares of the coffee company’s stock after purchasing an additional 42,402 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Starbucks were worth $36,924,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Osborne Partners Capital Management LLC purchased a new position in Starbucks during the third quarter valued at $206,000. Allworth Financial LP increased its holdings in shares of Starbucks by 2.4% during the third quarter. Allworth Financial LP now owns 178,973 shares of the coffee company’s stock valued at $17,448,000 after acquiring an additional 4,267 shares in the last quarter. Signet Investment Advisory Group Inc. raised its position in shares of Starbucks by 2.9% in the 3rd quarter. Signet Investment Advisory Group Inc. now owns 23,510 shares of the coffee company’s stock worth $2,292,000 after purchasing an additional 663 shares during the last quarter. North Ridge Wealth Advisors Inc. bought a new position in Starbucks in the 3rd quarter worth about $217,000. Finally, Pavion Blue Capital LLC grew its position in Starbucks by 14.8% during the 3rd quarter. Pavion Blue Capital LLC now owns 11,854 shares of the coffee company’s stock valued at $1,156,000 after purchasing an additional 1,526 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Activity at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $97.31 on Friday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The firm has a fifty day moving average price of $95.48 and a 200-day moving average price of $85.05. The stock has a market cap of $110.22 billion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97.

Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. The business had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.00 earnings per share. On average, research analysts expect that Starbucks Co. will post 3.55 EPS for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.61 per share. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.51%. Starbucks’s dividend payout ratio is currently 67.22%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Citigroup decreased their target price on shares of Starbucks from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Wednesday. Stifel Nicolaus decreased their price objective on shares of Starbucks from $110.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. TD Cowen reiterated a “buy” rating and set a $110.00 target price on shares of Starbucks in a research note on Wednesday. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Finally, Wedbush reaffirmed a “neutral” rating and set a $80.00 price objective on shares of Starbucks in a research report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and an average price target of $102.48.

Read Our Latest Research Report on SBUX

Starbucks Profile

(Free Report)

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.

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