Public Employees Retirement Association of Colorado increased its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 344.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 923,433 shares of the coffee company’s stock after purchasing an additional 715,500 shares during the quarter. Public Employees Retirement Association of Colorado owned approximately 0.08% of Starbucks worth $103,249,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Starbucks by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 97,136,962 shares of the coffee company’s stock worth $10,860,884,000 after purchasing an additional 828,102 shares during the period. Magellan Asset Management Ltd lifted its holdings in shares of Starbucks by 1.4% in the first quarter. Magellan Asset Management Ltd now owns 30,087,626 shares of the coffee company’s stock worth $3,287,675,000 after buying an additional 416,103 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Starbucks by 2.0% during the second quarter. Geode Capital Management LLC now owns 19,545,995 shares of the coffee company’s stock worth $2,179,292,000 after acquiring an additional 387,898 shares during the last quarter. Polen Capital Management LLC grew its stake in Starbucks by 5.4% during the second quarter. Polen Capital Management LLC now owns 14,802,150 shares of the coffee company’s stock valued at $1,655,028,000 after acquiring an additional 753,946 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in Starbucks by 0.8% in the 1st quarter. Loomis Sayles & Co. L P now owns 14,089,525 shares of the coffee company’s stock valued at $1,539,562,000 after acquiring an additional 106,466 shares during the last quarter. 68.27% of the stock is currently owned by institutional investors.
Shares of SBUX traded up $1.65 during mid-day trading on Thursday, hitting $112.41. The company’s stock had a trading volume of 105,101 shares, compared to its average volume of 5,837,142. The company’s 50-day moving average is $114.93 and its 200-day moving average is $114.70. Starbucks Co. has a 52-week low of $85.45 and a 52-week high of $126.32. The firm has a market capitalization of $132.54 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.06 and a beta of 0.88.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 26th. Shareholders of record on Friday, November 12th will be issued a $0.49 dividend. The ex-dividend date is Wednesday, November 10th. This is an increase from Starbucks’s previous quarterly dividend of $0.45. This represents a $1.96 dividend on an annualized basis and a yield of 1.74%. Starbucks’s payout ratio is currently 153.85%.
Several research firms have weighed in on SBUX. Atlantic Securities cut Starbucks from an “overweight” rating to a “neutral” rating and set a $105.00 price target for the company. in a report on Thursday, September 30th. Piper Sandler upped their price target on shares of Starbucks from $104.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, July 28th. Wells Fargo & Company initiated coverage on shares of Starbucks in a research note on Sunday, June 20th. They issued a “buy” rating for the company. Royal Bank of Canada increased their price target on shares of Starbucks from $134.00 to $136.00 and gave the company an “outperform” rating in a report on Wednesday, July 28th. Finally, Jefferies Financial Group boosted their price objective on Starbucks from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $127.22.
In other Starbucks news, COO John Culver sold 148,619 shares of the business’s stock in a transaction that occurred on Friday, August 6th. The shares were sold at an average price of $119.00, for a total transaction of $17,685,661.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kevin R. Johnson sold 359,177 shares of the firm’s stock in a transaction on Thursday, July 29th. The stock was sold at an average price of $122.81, for a total transaction of $44,110,527.37. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.
Starbucks Company Profile
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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