CNB Bank grew its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 14.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,208 shares of the coffee company’s stock after buying an additional 1,431 shares during the period. CNB Bank’s holdings in Starbucks were worth $833,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Lake Point Wealth Management bought a new stake in Starbucks during the 4th quarter valued at approximately $25,000. Highwater Wealth Management LLC bought a new stake in Starbucks during the 4th quarter valued at approximately $28,000. Veritas Investment Management LLP bought a new stake in Starbucks during the 4th quarter valued at approximately $28,000. Paragon Capital Management LLC bought a new stake in Starbucks during the 1st quarter valued at approximately $29,000. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in Starbucks during the 4th quarter valued at approximately $32,000. 74.73% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider John Culver sold 63,937 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $78.04, for a total transaction of $4,989,643.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 3.98% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, April 25th. The coffee company reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The firm had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $6.33 billion. Starbucks had a negative return on equity of 494.61% and a net margin of 11.87%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS. On average, equities analysts expect that Starbucks Co. will post 2.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, May 9th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Wednesday, May 8th. Starbucks’s dividend payout ratio is currently 59.50%.
A number of research firms have issued reports on SBUX. Piper Jaffray Companies lifted their price objective on Starbucks from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Bank of America set a $85.00 price objective on Starbucks and gave the stock a “buy” rating in a research note on Friday, April 26th. Barclays lifted their price objective on Starbucks from $69.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Wells Fargo & Co downgraded Starbucks from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $83.00 to $80.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Finally, BidaskClub downgraded Starbucks from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Starbucks has a consensus rating of “Buy” and an average target price of $73.88.
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Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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