Panoramic Capital Partners LLC Acquires New Position in Starbucks Co. (NASDAQ:SBUX)

Panoramic Capital Partners LLC bought a new position in shares of Starbucks Co. (NASDAQ:SBUX) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 3,248 shares of the coffee company’s stock, valued at approximately $296,000.

A number of other large investors have also modified their holdings of SBUX. Wellington Management Group LLP grew its stake in shares of Starbucks by 100.6% during the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after purchasing an additional 7,598,146 shares during the period. FMR LLC boosted its holdings in Starbucks by 55.0% during the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock worth $1,928,339,000 after buying an additional 7,015,375 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Starbucks by 1,491.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock worth $256,282,000 after buying an additional 2,632,087 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Starbucks by 1,078.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock valued at $248,153,000 after buying an additional 2,329,431 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Starbucks during the 3rd quarter valued at approximately $126,574,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Rachel Ruggeri sold 1,491 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, 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 SEC, which is accessible through the SEC website. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of research reports. Wells Fargo & Company upped their price target on Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. BTIG Research upped their target price on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. TD Cowen reaffirmed a “buy” rating and set a $110.00 price target on shares of Starbucks in a research note on Monday, November 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $115.00 price objective on shares of Starbucks in a research note on Friday, January 24th. Finally, Barclays lifted their target price on shares of Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and an average price target of $105.33.

Starbucks Price Performance

Shares of SBUX stock opened at $111.45 on Tuesday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $112.62. The firm’s 50-day simple moving average is $97.12 and its 200-day simple moving average is $94.84. The firm has a market cap of $126.60 billion, a P/E ratio of 35.95, a PEG ratio of 3.52 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period last year, the firm posted $0.90 EPS. Analysts expect that Starbucks Co. will post 3 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared 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 2.19%. Starbucks’s dividend payout ratio is presently 78.71%.

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.