Oak Harvest Investment Services Acquires Shares of 38,308 Starbucks Corporation $SBUX

Oak Harvest Investment Services purchased a new position in shares of Starbucks Corporation (NASDAQ:SBUX) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 38,308 shares of the coffee company’s stock, valued at approximately $3,241,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Game Plan Financial Advisors LLC purchased a new position in Starbucks in the second quarter worth $25,000. Transce3nd LLC raised its stake in shares of Starbucks by 270.3% during the 2nd quarter. Transce3nd LLC now owns 274 shares of the coffee company’s stock worth $25,000 after purchasing an additional 200 shares during the period. Chelsea Counsel Co. bought a new position in Starbucks during the second quarter valued at about $26,000. CBIZ Investment Advisory Services LLC increased its holdings in Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock worth $28,000 after buying an additional 159 shares during the last quarter. Finally, MTM Investment Management LLC bought a new stake in Starbucks in the second quarter worth about $28,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the completion of the transaction, the director directly owned 53,096 shares of the company’s stock, valued at $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.09% of the company’s stock.

Starbucks Stock Up 0.6%

NASDAQ SBUX opened at $85.57 on Tuesday. The company has a 50-day simple moving average of $84.85 and a two-hundred day simple moving average of $87.45. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The firm has a market cap of $97.30 billion, a price-to-earnings ratio of 52.18, a PEG ratio of 1.77 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.The company had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. During the same period last year, the firm earned $0.80 earnings per share. Starbucks’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, February 13th. Starbucks’s dividend payout ratio (DPR) is currently 151.22%.

Analysts Set New Price Targets

Several brokerages have weighed in on SBUX. Piper Sandler reduced their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Barclays cut their price objective on shares of Starbucks from $115.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. Dbs Bank cut shares of Starbucks from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Starbucks in a research note on Monday, December 22nd. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Starbucks in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

About Starbucks

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.