Starbucks Co. (NASDAQ:SBUX) Shares Purchased by Independence Bank of Kentucky

Independence Bank of Kentucky raised its stake in Starbucks Co. (NASDAQ:SBUX) by 11.9% in the second quarter, HoldingsChannel.com reports. The fund owned 19,264 shares of the coffee company’s stock after buying an additional 2,050 shares during the quarter. Independence Bank of Kentucky’s holdings in Starbucks were worth $1,500,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Orca Investment Management LLC boosted its stake in Starbucks by 6.6% in the fourth quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock valued at $719,000 after acquiring an additional 466 shares during the period. Cox Capital Mgt LLC boosted its stake in Starbucks by 41.9% in the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after acquiring an additional 13,372 shares during the period. Summa Corp. acquired a new position in Starbucks in the fourth quarter valued at approximately $384,000. Brevan Howard Capital Management LP acquired a new position in Starbucks in the fourth quarter valued at approximately $2,781,000. Finally, FFT Wealth Management LLC acquired a new position in Starbucks in the fourth quarter valued at approximately $209,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. JPMorgan Chase & Co. decreased their target price on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Jefferies Financial Group cut their target price on Starbucks from $84.00 to $80.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. William Blair cut Starbucks from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Morgan Stanley reissued an “overweight” rating and set a $98.00 price target on shares of Starbucks in a report on Wednesday, July 31st. Finally, Wedbush reaffirmed a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.21.

Starbucks Stock Performance

SBUX traded up $1.59 during trading on Friday, reaching $94.02. The company had a trading volume of 11,483,711 shares, compared to its average volume of 12,025,455. The firm’s 50-day simple moving average is $79.51 and its 200 day simple moving average is $83.90. The company has a market cap of $106.50 billion, a price-to-earnings ratio of 25.90, a PEG ratio of 2.28 and a beta of 0.94. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66.

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

Starbucks Dividend Announcement

The firm 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. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.43%. Starbucks’s payout ratio is presently 62.81%.

Insiders Place Their Bets

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

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.