Palisades Hudson Asset Management L.P. Purchases Shares of 2,348 Starbucks Co. (NASDAQ:SBUX)

Palisades Hudson Asset Management L.P. acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,348 shares of the coffee company’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Strategic Investment Solutions Inc. IL acquired a new position in Starbucks in the second quarter valued at approximately $25,000. New Millennium Group LLC purchased a new position in shares of Starbucks during the 2nd quarter valued at approximately $26,000. Stephens Consulting LLC lifted its stake in shares of Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after purchasing an additional 279 shares during the period. Hobbs Group Advisors LLC purchased a new stake in Starbucks during the second quarter worth $27,000. Finally, Olistico Wealth LLC acquired a new stake in Starbucks during the second quarter valued at $31,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SBUX shares. Wedbush lowered their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays cut their price objective on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and dropped their price target for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $92.00 to $115.00 in a research report on Thursday, September 26th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.32.

Starbucks Stock Down 0.7 %

NASDAQ:SBUX traded down $0.72 on Monday, reaching $98.15. 847,835 shares of the company’s stock were exchanged, compared to its average volume of 11,258,919. The firm has a market capitalization of $111.22 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 2.66 and a beta of 0.97. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The business has a fifty day moving average of $95.98 and a 200-day moving average of $85.46.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.06 EPS. As a group, equities analysts anticipate that Starbucks Co. will post 3.42 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is currently 73.72%.

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.