Legacy Capital Group California Inc. Buys 1,244 Shares of Starbucks Co. (NASDAQ:SBUX)

Legacy Capital Group California Inc. grew its position in Starbucks Co. (NASDAQ:SBUX) by 41.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,265 shares of the coffee company’s stock after buying an additional 1,244 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Starbucks were worth $332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new position in shares of Starbucks in the 4th quarter valued at $38,000. Federated Hermes Inc. grew its position in shares of Starbucks by 22.7% in the 4th quarter. Federated Hermes Inc. now owns 67,595 shares of the coffee company’s stock worth $6,490,000 after buying an additional 12,495 shares during the last quarter. Beaumont Financial Advisors LLC lifted its position in Starbucks by 5.2% during the fourth quarter. Beaumont Financial Advisors LLC now owns 4,581 shares of the coffee company’s stock valued at $440,000 after acquiring an additional 226 shares during the last quarter. J.W. Cole Advisors Inc. boosted its stake in Starbucks by 14.4% in the fourth quarter. J.W. Cole Advisors Inc. now owns 7,159 shares of the coffee company’s stock valued at $687,000 after acquiring an additional 901 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS increased its position in shares of Starbucks by 23.5% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 30,246 shares of the coffee company’s stock worth $2,904,000 after purchasing an additional 5,761 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 0.1 %

Shares of Starbucks stock traded up $0.07 during trading hours on Wednesday, reaching $93.08. The stock had a trading volume of 4,849,634 shares, compared to its average volume of 12,029,466. The stock’s 50 day moving average is $78.71 and its 200 day moving average is $83.85. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a market capitalization of $105.43 billion, a PE ratio of 25.49, a PEG ratio of 2.25 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.00 earnings per share. As a group, sell-side analysts predict that Starbucks Co. will post 3.55 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.45%. The ex-dividend date is Friday, August 16th. Starbucks’s payout ratio is 62.81%.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Starbucks news, 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 transaction, the chief executive officer now owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Insiders have sold a total of 9,790 shares of company stock worth $865,514 over the last 90 days. 1.98% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SBUX shares. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upgraded 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 note on Wednesday, August 14th. JPMorgan Chase & Co. decreased their price objective on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. UBS Group dropped their target price 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. Finally, BTIG Research decreased their price target on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and an average target price of $99.21.

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.