Busey Bank cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,335 shares of the coffee company’s stock after selling 4,520 shares during the period. Busey Bank’s holdings in Starbucks were worth $8,243,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of SBUX. Wellington Management Group LLP boosted its stake in shares of Starbucks by 100.6% during the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after buying an additional 7,598,146 shares during the period. FMR LLC lifted its position in Starbucks by 55.0% during the 3rd 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 during the period. Assenagon Asset Management S.A. increased its holdings in shares of Starbucks by 1,491.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock valued at $256,282,000 after purchasing an additional 2,632,087 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Starbucks by 1,078.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock worth $248,153,000 after purchasing an additional 2,329,431 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Starbucks during the third quarter worth $126,574,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Stock Up 8.1 %
SBUX stock opened at $108.58 on Thursday. The company has a market cap of $123.11 billion, a price-to-earnings ratio of 32.80, a PEG ratio of 2.91 and a beta of 0.99. The business has a fifty day simple moving average of $95.70 and a 200-day simple moving average of $92.89. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $110.08.
Starbucks Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 annualized dividend and a yield of 2.25%. Starbucks’s dividend payout ratio is currently 73.72%.
Insider Transactions at Starbucks
In other news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the completion of the sale, the chief financial officer now owns 80,124 shares in the company, valued at approximately $7,975,542.96. This trade represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.98% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. TD Cowen restated a “buy” rating and set a $110.00 price objective on shares of Starbucks in a research report on Monday, November 11th. Morgan Stanley boosted their target price on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Wedbush raised their price target on Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company upped their price objective on Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Stifel Nicolaus upped their price target on shares of Starbucks from $110.00 to $114.00 and gave the stock a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and an average target price of $105.52.
Read Our Latest Report on SBUX
Starbucks Company 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.
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