Destination Wealth Management Takes Position in Starbucks Co. (NASDAQ:SBUX)

Destination Wealth Management purchased a new stake in Starbucks Co. (NASDAQ:SBUX) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,367 shares of the coffee company’s stock, valued at approximately $231,000.

A number of other hedge funds have also recently made changes to their positions in the company. State Street Corp lifted its position in Starbucks by 1.0% during the third quarter. State Street Corp now owns 45,974,407 shares of the coffee company’s stock valued at $4,482,045,000 after purchasing an additional 437,218 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Starbucks by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 24,277,756 shares of the coffee company’s stock worth $2,358,464,000 after acquiring an additional 333,004 shares during the last quarter. FMR LLC grew its position in Starbucks by 55.0% in the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock worth $1,928,339,000 after acquiring an additional 7,015,375 shares in the last quarter. Wellington Management Group LLP increased its stake in Starbucks by 100.6% in the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock valued at $1,476,967,000 after acquiring an additional 7,598,146 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Starbucks by 2.9% during the third quarter. Fisher Asset Management LLC now owns 11,762,684 shares of the coffee company’s stock valued at $1,146,744,000 after purchasing an additional 327,734 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Starbucks

In related news, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the sale, the chief financial officer now directly owns 80,124 shares in the company, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of SBUX stock opened at $97.82 on Friday. The company has a market capitalization of $110.91 billion, a price-to-earnings ratio of 29.55, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $103.32. The company’s 50-day moving average is $98.22 and its 200 day moving average is $89.31.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.06 earnings per share. As a group, research analysts predict that Starbucks Co. will post 3.11 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.61 per share. The ex-dividend date is Friday, February 14th. This represents a $2.44 annualized dividend and a dividend yield of 2.49%. Starbucks’s payout ratio is 73.72%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a research report on Wednesday, August 21st. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $80.00 to $76.00 in a research note on Tuesday, September 24th. Redburn Atlantic reaffirmed a “sell” rating and issued a $77.00 price objective (down previously from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. Wedbush reduced their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Finally, Royal Bank of Canada assumed coverage on shares of Starbucks in a research note on Friday, November 15th. They issued an “outperform” rating and a $115.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $103.77.

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.