Fifth Third Wealth Advisors LLC Purchases 2,622 Shares of Starbucks Co. (NASDAQ:SBUX)

Fifth Third Wealth Advisors LLC grew its stake in Starbucks Co. (NASDAQ:SBUX) by 43.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,701 shares of the coffee company’s stock after acquiring an additional 2,622 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Starbucks were worth $795,000 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. Norges Bank bought a new stake in Starbucks during the 4th quarter worth approximately $1,240,652,000. Flossbach Von Storch AG increased its stake in Starbucks by 8,677.8% during the 4th quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock worth $260,706,000 after purchasing an additional 2,684,470 shares in the last quarter. Bank of Nova Scotia increased its stake in Starbucks by 342.7% during the 4th quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after purchasing an additional 1,672,656 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Starbucks by 432.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock worth $195,825,000 after purchasing an additional 1,656,591 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Starbucks by 44.8% during the 4th quarter. Nordea Investment Management AB now owns 5,146,033 shares of the coffee company’s stock worth $493,350,000 after purchasing an additional 1,591,206 shares in the last quarter. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

Starbucks stock traded up $0.08 during mid-day trading on Thursday, hitting $79.24. 10,284,147 shares of the company’s stock traded hands, compared to its average volume of 10,424,243. The stock has a market cap of $89.75 billion, a price-to-earnings ratio of 21.83, a P/E/G ratio of 1.73 and a beta of 0.96. The firm has a 50 day simple moving average of $80.02 and a two-hundred day simple moving average of $88.29. Starbucks Co. has a fifty-two week low of $71.80 and a fifty-two week high of $107.66.

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

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given 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%.

Insiders Place Their Bets

In related news, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was 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 in the company, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was 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 in the company, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the transaction, the chief executive officer now owns 78,304 shares in the company, valued at approximately $6,264,320. The disclosure for this sale can be found here. Insiders have sold 10,750 shares of company stock worth $878,893 in the last 90 days. Company insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Jefferies Financial Group lowered their target price on Starbucks from $94.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft downgraded Starbucks from a “buy” rating to a “hold” rating and reduced their price target for the stock from $108.00 to $89.00 in a research report on Wednesday, May 1st. Piper Sandler reduced their price target on Starbucks from $88.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. TD Cowen reaffirmed a “hold” rating and set a $85.00 price target on shares of Starbucks in a research report on Thursday, June 13th. Finally, The Goldman Sachs Group assumed coverage on Starbucks in a research report on Thursday, June 13th. They set a “buy” rating and a $100.00 price target for the company. Seventeen research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Starbucks presently has a consensus rating of “Hold” and an average target price of $95.00.

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.