AlphaCore Capital LLC Has $1.79 Million Holdings in Starbucks Co. (NASDAQ:SBUX)

AlphaCore Capital LLC raised its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 12.7% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 18,399 shares of the coffee company’s stock after purchasing an additional 2,069 shares during the period. AlphaCore Capital LLC’s holdings in Starbucks were worth $1,794,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marshall Wace LLP lifted its holdings in Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after acquiring an additional 3,136,992 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in Starbucks in the second quarter valued at about $243,910,000. Capital World Investors bought a new position in shares of Starbucks during the 1st quarter valued at approximately $257,721,000. Van ECK Associates Corp raised its holdings in shares of Starbucks by 108.1% in the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after purchasing an additional 2,324,847 shares during the period. Finally, National Bank of Canada FI lifted its stake in Starbucks by 89.2% in the second quarter. National Bank of Canada FI now owns 2,553,739 shares of the coffee company’s stock valued at $196,943,000 after purchasing an additional 1,204,153 shares during the last quarter. 72.29% of the stock is owned by institutional investors.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $99.97 on Friday. The business has a 50 day simple moving average of $97.03 and a two-hundred day simple moving average of $86.79. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $104.68. The firm has a market capitalization of $113.29 billion, a PE ratio of 30.20, a price-to-earnings-growth ratio of 2.85 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. Equities research analysts expect that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.44%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is 73.72%.

Insider Activity at Starbucks

In other news, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the completion of the sale, the chief financial officer now directly owns 65,648 shares in the company, valued at $6,503,747.36. This represents a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 1.06 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SBUX. TD Cowen reaffirmed a “buy” rating and set a $110.00 price target on shares of Starbucks in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $118.00 in a research note on Wednesday, August 14th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Finally, Morgan Stanley raised their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $102.81.

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.