Allstate Corp trimmed its stake in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 32.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,640 shares of the coffee company’s stock after selling 29,786 shares during the quarter. Allstate Corp’s holdings in Starbucks were worth $5,516,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in the stock. Georgetown University purchased a new stake in shares of Starbucks in the first quarter worth approximately $4,420,000. Zuckerman Investment Group LLC lifted its position in shares of Starbucks by 1.0% in the first quarter. Zuckerman Investment Group LLC now owns 61,624 shares of the coffee company’s stock worth $5,606,000 after purchasing an additional 620 shares in the last quarter. Brinker Capital Investments LLC raised its position in Starbucks by 98.0% during the first quarter. Brinker Capital Investments LLC now owns 118,197 shares of the coffee company’s stock valued at $10,752,000 after acquiring an additional 58,502 shares in the last quarter. Jmac Enterprises LLC raised its position in Starbucks by 1.9% during the first quarter. Jmac Enterprises LLC now owns 10,955 shares of the coffee company’s stock valued at $997,000 after acquiring an additional 208 shares in the last quarter. Finally, Wetherby Asset Management Inc. raised its position in Starbucks by 1.0% during the first quarter. Wetherby Asset Management Inc. now owns 47,680 shares of the coffee company’s stock valued at $4,337,000 after acquiring an additional 495 shares in the last quarter. 67.97% of the stock is owned by hedge funds and other institutional investors.
Starbucks Trading Down 0.9 %
Shares of Starbucks stock opened at $88.69 on Monday. Starbucks Co. has a 1 year low of $68.39 and a 1 year high of $120.76. The company’s fifty day simple moving average is $83.99 and its 200-day simple moving average is $81.39. The company has a market cap of $101.76 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 2.76 and a beta of 0.94.
Starbucks Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were paid a dividend of $0.49 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 2.21%. Starbucks’s dividend payout ratio is currently 55.21%.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Barclays raised their price objective on shares of Starbucks from $94.00 to $96.00 and gave the company an “overweight” rating in a research report on Wednesday, August 3rd. Sanford C. Bernstein assumed coverage on shares of Starbucks in a research report on Wednesday, September 7th. They set a “market perform” rating and a $94.00 price objective on the stock. Cowen raised their price objective on shares of Starbucks from $94.00 to $104.00 in a research report on Thursday, August 18th. Piper Sandler raised their price objective on shares of Starbucks from $80.00 to $84.00 and gave the company a “neutral” rating in a research report on Monday, July 18th. Finally, Morgan Stanley lifted their price target on shares of Starbucks from $87.00 to $88.00 and gave the company an “equal weight” rating in a research report on Monday, July 18th. Fifteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Starbucks has an average rating of “Hold” and a consensus price target of $103.15.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
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