Norway Savings Bank Acquires 125 Shares of Starbucks Co. (NASDAQ:SBUX)

Norway Savings Bank increased its position in Starbucks Co. (NASDAQ:SBUX) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,765 shares of the coffee company’s stock after purchasing an additional 125 shares during the quarter. Norway Savings Bank’s holdings in Starbucks were worth $1,187,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Joseph P. Lucia & Associates LLC lifted its position in Starbucks by 132.7% in the second quarter. Joseph P. Lucia & Associates LLC now owns 256 shares of the coffee company’s stock worth $29,000 after purchasing an additional 146 shares during the period. Isthmus Partners LLC bought a new position in Starbucks in the second quarter worth $31,000. Danda Trouve Investment Management Inc. bought a new position in Starbucks in the second quarter worth $36,000. WD Rutherford LLC lifted its position in Starbucks by 39.6% in the second quarter. WD Rutherford LLC now owns 370 shares of the coffee company’s stock worth $41,000 after purchasing an additional 105 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in shares of Starbucks during the second quarter valued at $50,000. 68.27% of the stock is owned by hedge funds and other institutional investors.

NASDAQ SBUX opened at $113.97 on Thursday. The stock has a market capitalization of $134.38 billion, a price-to-earnings ratio of 32.10, a PEG ratio of 1.60 and a beta of 0.84. The stock’s 50 day moving average price is $112.55 and its two-hundred day moving average price is $114.44. Starbucks Co. has a 52 week low of $95.92 and a 52 week high of $126.32.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, October 28th. The coffee company reported $1.00 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.00. Starbucks had a negative return on equity of 55.34% and a net margin of 14.45%. The company had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s revenue was up 30.6% compared to the same quarter last year. Sell-side analysts forecast that Starbucks Co. will post 3.47 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 25th. Stockholders of record on Friday, February 11th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Thursday, February 10th. Starbucks’s dividend payout ratio is currently 55.21%.

In related news, insider Michael Aaron Conway sold 47,088 shares of the business’s stock in a transaction that occurred on Monday, November 22nd. The stock was sold at an average price of $111.50, for a total transaction of $5,250,312.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gina Woods sold 4,030 shares of the business’s stock in a transaction that occurred on Tuesday, November 23rd. The stock was sold at an average price of $113.41, for a total value of $457,042.30. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

A number of brokerages have issued reports on SBUX. Royal Bank of Canada cut their price objective on Starbucks from $131.00 to $124.00 and set an “outperform” rating for the company in a report on Friday, October 29th. Piper Sandler raised their target price on Starbucks from $104.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, July 28th. Cowen lowered their target price on Starbucks from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, October 29th. BMO Capital Markets lowered their price objective on Starbucks from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Friday, October 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and set a $127.00 price objective for the company in a research report on Monday, October 11th. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $123.00.

About Starbucks

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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