AMI Asset Management Corp Increases Stock Position in Starbucks Co. (NASDAQ:SBUX)

30 Oct 2024, 17:12 by Michael Walen · The Markets Daily

AMI Asset Management Corp lifted its holdings in Starbucks Co. (NASDAQ:SBUX – Free Report) by 0.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 349,336 shares of the coffee company’s stock after purchasing an additional 3,263 shares during the period. Starbucks comprises 1.8% of AMI Asset Management Corp’s holdings, making the stock its 28th biggest position. AMI Asset Management Corp’s holdings in Starbucks were worth $34,057,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SBUX. Allspring Global Investments Holdings LLC lifted its position in shares of Starbucks by 95.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 312,309 shares of the coffee company’s stock worth $28,542,000 after purchasing an additional 152,849 shares during the period. Azzad Asset Management Inc. ADV lifted its position in Starbucks by 32.1% during the first quarter. Azzad Asset Management Inc. ADV now owns 30,089 shares of the coffee company’s stock valued at $2,750,000 after acquiring an additional 7,316 shares during the last quarter. Kovack Advisors Inc. lifted its position in Starbucks by 1.8% during the first quarter. Kovack Advisors Inc. now owns 8,019 shares of the coffee company’s stock valued at $733,000 after acquiring an additional 140 shares during the last quarter. First Trust Direct Indexing L.P. lifted its position in Starbucks by 8.8% during the first quarter. First Trust Direct Indexing L.P. now owns 28,103 shares of the coffee company’s stock valued at $2,568,000 after acquiring an additional 2,267 shares during the last quarter. Finally, Core Wealth Partners LLC lifted its position in Starbucks by 4.8% during the first quarter. Core Wealth Partners LLC now owns 3,996 shares of the coffee company’s stock valued at $365,000 after acquiring an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

SBUX stock opened at $97.39 on Wednesday. The firm has a market cap of $110.36 billion, a PE ratio of 27.28, a P/E/G ratio of 2.59 and a beta of 0.97. The firm’s fifty day moving average is $95.68 and its 200 day moving average is $85.20. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

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

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders 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 yield of 2.51%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is presently 68.35%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price for the company. in a research report on Wednesday, August 21st. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.48.

Read Our Latest Research Report on Starbucks

Insider Buying and Selling at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were acquired 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 directly owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’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 directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

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.