Ascent Group LLC Purchases 847 Shares of Starbucks Co. (NASDAQ:SBUX)

04 Dec 2024, 11:36 by Michael Walen · The Markets Daily

Ascent Group LLC boosted its position in Starbucks Co. (NASDAQ:SBUX – Free Report) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,527 shares of the coffee company’s stock after purchasing an additional 847 shares during the period. Ascent Group LLC’s holdings in Starbucks were worth $1,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of Starbucks during the 2nd quarter worth approximately $25,000. New Millennium Group LLC bought a new stake in shares of Starbucks during the second quarter worth $26,000. Stephens Consulting LLC boosted its stake in shares of Starbucks by 498.2% during the second 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 shares of Starbucks during the second quarter valued at $27,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Starbucks in the second quarter worth about $31,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Rachel Ruggeri sold 1,491 shares of Starbucks stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Starbucks Price Performance

Shares of SBUX opened at $101.57 on Wednesday. The company has a market cap of $115.16 billion, a P/E ratio of 30.69, a PEG ratio of 2.97 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32. The stock has a fifty day moving average price of $97.89 and a 200 day moving average price of $88.45.

Starbucks (NASDAQ:SBUX – Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period last year, the firm posted $1.06 EPS. Starbucks’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Starbucks Co. will post 3.12 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.61 per share. The ex-dividend date was Friday, November 15th. This represents a $2.44 annualized dividend and a yield of 2.40%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is presently 73.72%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SBUX. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. TD Cowen reiterated a “buy” rating and issued a $110.00 target price on shares of Starbucks in a report on Monday, November 11th. Redburn Atlantic reiterated a “sell” rating and issued a $77.00 target price (down from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. JPMorgan Chase & Co. raised their target price on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Finally, BMO Capital Markets boosted their price target on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, September 9th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.77.

Get Our Latest Stock Report on Starbucks

Starbucks Company Profile

(Free Report)

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.