Allspring Global Investments Holdings LLC Grows Stake in Starbucks Co. (NASDAQ:SBUX)

Allspring Global Investments Holdings LLC grew its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 13.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 353,693 shares of the coffee company’s stock after purchasing an additional 41,384 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Starbucks were worth $27,535,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. GUNN & Co INVESTMENT MANAGEMENT INC. boosted its stake in shares of Starbucks by 1,299.8% in the fourth quarter. GUNN & Co INVESTMENT MANAGEMENT INC. now owns 466,506 shares of the coffee company’s stock valued at $44,789,000 after purchasing an additional 433,179 shares during the period. Legacy Capital Wealth Partners LLC grew its stake in Starbucks by 6.5% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 2,873 shares of the coffee company’s stock worth $276,000 after purchasing an additional 175 shares in the last quarter. Mather Group LLC. grew its stake in Starbucks by 10.0% in the fourth quarter. Mather Group LLC. now owns 18,413 shares of the coffee company’s stock worth $1,768,000 after purchasing an additional 1,669 shares in the last quarter. McAdam LLC increased its holdings in Starbucks by 3.3% in the fourth quarter. McAdam LLC now owns 3,826 shares of the coffee company’s stock valued at $367,000 after buying an additional 124 shares during the last quarter. Finally, Choreo LLC raised its stake in Starbucks by 24.7% during the fourth quarter. Choreo LLC now owns 29,236 shares of the coffee company’s stock valued at $2,807,000 after buying an additional 5,797 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

SBUX has been the subject of a number of research reports. Wedbush reaffirmed a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a report on Tuesday, August 13th. DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research report on Wednesday, August 21st. Barclays increased their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. BMO Capital Markets reduced their price target on shares of Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, TD Cowen raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $81.00 to $105.00 in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.21.

Starbucks Stock Performance

Starbucks stock opened at $98.60 on Wednesday. The firm has a market cap of $111.68 billion, a price-to-earnings ratio of 27.16, a price-to-earnings-growth ratio of 2.28 and a beta of 0.94. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The firm’s 50 day moving average price is $79.79 and its two-hundred day moving average price is $83.82.

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

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Insider Transactions at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The disclosure for this sale can be found here. Insiders have sold a total of 9,790 shares of company stock valued at $865,514 over the last ninety days. Corporate insiders own 1.98% of the company’s stock.

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.