Onyx Bridge Wealth Group LLC Invests $243,000 in Starbucks Co. (NASDAQ:SBUX)

Onyx Bridge Wealth Group LLC purchased a new position in shares of Starbucks Co. (NASDAQ:SBUX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,527 shares of the coffee company’s stock, valued at approximately $243,000.

A number of other large investors also recently modified their holdings of SBUX. Norges Bank bought a new stake in shares of Starbucks during the fourth quarter valued at approximately $1,222,931,000. Moneta Group Investment Advisors LLC increased its position in shares of Starbucks by 115,334.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 8,493,639 shares of the coffee company’s stock valued at $842,569,000 after purchasing an additional 8,486,281 shares during the period. Morgan Stanley increased its position in shares of Starbucks by 46.3% during the fourth quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock valued at $2,650,462,000 after purchasing an additional 8,451,599 shares during the period. Flossbach Von Storch AG increased its position in shares of Starbucks by 8,677.8% during the fourth quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock valued at $260,706,000 after purchasing an additional 2,684,470 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Starbucks during the first quarter valued at approximately $190,270,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. BMO Capital Markets lowered their price objective on Starbucks from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 31st. BTIG Research lowered their price target on Starbucks from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, January 31st. Jefferies Financial Group lowered their price target on Starbucks from $100.00 to $94.00 and set a “hold” rating on the stock in a research report on Tuesday. TD Cowen reiterated a “hold” rating and issued a $100.00 price target on shares of Starbucks in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. decreased their target price on Starbucks from $107.00 to $100.00 and set an “overweight” rating on the stock in a report on Tuesday, March 19th. Fourteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $106.68.

Starbucks Price Performance

SBUX stock traded up $0.46 during mid-day trading on Friday, reaching $87.61. The company had a trading volume of 11,899,968 shares, compared to its average volume of 6,964,867. The stock has a 50 day simple moving average of $90.94 and a two-hundred day simple moving average of $94.39. The company has a market capitalization of $99.19 billion, a price-to-earnings ratio of 23.43, a PEG ratio of 1.41 and a beta of 0.97. Starbucks Co. has a 52 week low of $84.29 and a 52 week high of $115.48.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The company had revenue of $9.43 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. On average, equities analysts predict that Starbucks Co. will post 4.03 EPS for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.60%. Starbucks’s dividend payout ratio is 60.96%.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 7,250 shares of company stock valued at $653,183 over the last three months. Insiders own 1.98% of the company’s stock.

Starbucks Profile

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.