Baldwin Investment Management LLC Trims Stock Position in Starbucks Co. (NASDAQ:SBUX)

27 Nov 2024, 12:16 by Renee Jackson · The Cerbat Gem

Baldwin Investment Management LLC lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,228 shares of the coffee company’s stock after selling 434 shares during the quarter. Baldwin Investment Management LLC’s holdings in Starbucks were worth $1,290,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. FMR LLC increased its stake in Starbucks by 55.0% during the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock worth $1,928,339,000 after acquiring an additional 7,015,375 shares during the last quarter. Marshall Wace LLP increased its position in Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new position in Starbucks during the second quarter valued at approximately $243,910,000. Van ECK Associates Corp grew its stake in Starbucks by 108.1% during the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after buying an additional 2,324,847 shares during the period. Finally, National Bank of Canada FI increased its position in shares of Starbucks by 89.2% in the second quarter. National Bank of Canada FI now owns 2,553,739 shares of the coffee company’s stock worth $196,943,000 after acquiring an additional 1,204,153 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Performance

NASDAQ SBUX opened at $100.68 on Wednesday. The firm’s 50 day moving average price is $97.30 and its two-hundred day moving average price is $87.55. The stock has a market cap of $114.15 billion, a price-to-earnings ratio of 30.42, a PEG ratio of 2.98 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $103.32.

Starbucks (NASDAQ:SBUX – Get Free Report) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 EPS. On average, research analysts forecast that Starbucks Co. will post 3.12 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.42%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is currently 73.72%.

Insider Activity at Starbucks

In other news, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total transaction of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at approximately $7,975,542.96. This trade represents a 1.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. The trade was a 1.06 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Redburn Atlantic restated a “sell” rating and set a $77.00 target price (down previously from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $80.00 to $120.00 in a research report on Wednesday, August 14th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and raised their target price for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. Morgan Stanley upped their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, TD Cowen reiterated a “buy” rating and set a $110.00 price objective on shares of Starbucks in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $103.77.

Check Out Our Latest Report on Starbucks

Starbucks Company Profile

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