Zurcher Kantonalbank Zurich Cantonalbank Purchases 34,963 Shares of Starbucks Co. (NASDAQ:SBUX)

by · The Markets Daily

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 7.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 498,894 shares of the coffee company’s stock after buying an additional 34,963 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Starbucks were worth $48,637,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Providence Capital Advisors LLC boosted its stake in Starbucks by 18.4% during the third quarter. Providence Capital Advisors LLC now owns 74,483 shares of the coffee company’s stock worth $7,261,000 after acquiring an additional 11,553 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in Starbucks during the 3rd quarter valued at approximately $202,000. CreativeOne Wealth LLC boosted its holdings in Starbucks by 26.8% in the third quarter. CreativeOne Wealth LLC now owns 9,960 shares of the coffee company’s stock worth $971,000 after acquiring an additional 2,106 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Starbucks by 1,078.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock worth $248,153,000 after acquiring an additional 2,329,431 shares during the last quarter. Finally, Townsquare Capital LLC raised its position in shares of Starbucks by 6.5% in the 3rd quarter. Townsquare Capital LLC now owns 159,915 shares of the coffee company’s stock worth $15,590,000 after purchasing an additional 9,733 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SBUX shares. Wedbush reduced their price objective on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. Stifel Nicolaus upped their price target on Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Morgan Stanley boosted their target price on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and upped their target price for the company from $80.00 to $120.00 in a research note on Wednesday, August 14th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $103.77.

Check Out Our Latest Research Report on Starbucks

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares of the company’s stock, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by company insiders.

Starbucks Trading Up 0.8 %

Shares of Starbucks stock opened at $101.51 on Friday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32. The stock has a 50 day moving average of $97.50 and a 200 day moving average of $87.74. The firm has a market cap of $115.09 billion, a PE ratio of 30.67, a PEG ratio of 2.97 and a beta of 0.97.

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

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. This is an increase 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 2.40%. Starbucks’s dividend payout ratio (DPR) is presently 73.72%.

Starbucks Company 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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