abrdn plc Grows Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

by · The Cerbat Gem

abrdn plc grew its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 30.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 538,970 shares of the coffee company’s stock after acquiring an additional 125,912 shares during the period. abrdn plc’s holdings in Starbucks were worth $52,145,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new position in Starbucks during the 2nd quarter worth $25,000. New Millennium Group LLC bought a new position in shares of Starbucks during the 2nd quarter worth $26,000. Stephens Consulting LLC increased its stake in shares of Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares during the period. Hobbs Group Advisors LLC bought a new stake in shares of Starbucks in the second quarter valued at about $27,000. Finally, Olistico Wealth LLC purchased a new stake in Starbucks in the second quarter worth about $31,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Wedbush restated a “neutral” rating and issued a $80.00 price target on shares of Starbucks in a report on Tuesday, August 13th. UBS Group boosted their price objective on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and increased their target price for the company from $92.00 to $115.00 in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. Finally, Bank of America dropped their price objective on Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.48.

Read Our Latest Analysis on Starbucks

Insider Buying and Selling at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The stock was bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Starbucks stock opened at $97.39 on Wednesday. The business’s 50-day simple moving average is $95.68 and its two-hundred day simple moving average is $85.20. The company has a market cap of $110.36 billion, a PE ratio of 27.28, a PEG ratio of 2.59 and a beta of 0.97. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX – Get Free Report) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the prior year, the firm earned $1.00 earnings per share. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. As a group, analysts predict that Starbucks Co. will post 3.34 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently announced 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 2.51%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is 68.35%.

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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