Starbucks Co. (NASDAQ:SBUX) Stock Position Raised by Cardinal Capital Management

Cardinal Capital Management increased its stake in Starbucks Co. (NASDAQ:SBUX) by 10.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 78,875 shares of the coffee company’s stock after acquiring an additional 7,292 shares during the quarter. Cardinal Capital Management’s holdings in Starbucks were worth $7,208,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Operose Advisors LLC acquired a new stake in shares of Starbucks during the third quarter valued at approximately $53,000. O Shaughnessy Asset Management LLC raised its stake in Starbucks by 18.9% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 98,682 shares of the coffee company’s stock valued at $9,007,000 after purchasing an additional 15,680 shares during the period. Mather Group LLC. lifted its holdings in shares of Starbucks by 20.1% in the third quarter. Mather Group LLC. now owns 16,744 shares of the coffee company’s stock valued at $1,528,000 after purchasing an additional 2,803 shares in the last quarter. Vinva Investment Management Ltd boosted its position in shares of Starbucks by 4.1% in the third quarter. Vinva Investment Management Ltd now owns 18,338 shares of the coffee company’s stock worth $1,670,000 after buying an additional 714 shares during the period. Finally, Truvestments Capital LLC grew its holdings in shares of Starbucks by 4.9% during the third quarter. Truvestments Capital LLC now owns 10,566 shares of the coffee company’s stock valued at $964,000 after buying an additional 496 shares in the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wedbush decreased their price objective on Starbucks from $95.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Citigroup lowered their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Evercore ISI cut their target price on shares of Starbucks from $120.00 to $92.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. The Goldman Sachs Group started coverage on shares of Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 target price for the company. Finally, Bank of America increased their price objective on Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Seventeen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.00.

Starbucks Stock Performance

Shares of NASDAQ:SBUX traded up $0.09 during midday trading on Thursday, reaching $79.24. 10,027,068 shares of the company’s stock were exchanged, compared to its average volume of 10,423,865. Starbucks Co. has a 12 month low of $71.80 and a 12 month high of $107.66. The firm has a market capitalization of $89.76 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96. The company’s 50 day simple moving average is $80.02 and its two-hundred day simple moving average is $88.29.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period in the prior year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, research analysts anticipate that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.88%. The ex-dividend date is Friday, August 16th. Starbucks’s payout ratio is 62.81%.

Insider Activity at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is currently owned by company insiders.

About Starbucks

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.