Ghe LLC Sells 8,235 Shares of Starbucks Corporation $SBUX

Ghe LLC cut its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 19.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,205 shares of the coffee company’s stock after selling 8,235 shares during the quarter. Starbucks accounts for 1.4% of Ghe LLC’s portfolio, making the stock its 13th biggest holding. Ghe LLC’s holdings in Starbucks were worth $3,134,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of SBUX. Norges Bank acquired a new position in shares of Starbucks in the second quarter valued at $1,246,316,000. Corient Private Wealth LLC raised its stake in shares of Starbucks by 146.6% in the 2nd quarter. Corient Private Wealth LLC now owns 6,049,192 shares of the coffee company’s stock valued at $553,201,000 after buying an additional 3,596,014 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after acquiring an additional 3,545,655 shares during the period. Invesco Ltd. boosted its position in shares of Starbucks by 11.2% during the 2nd quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock valued at $1,169,011,000 after acquiring an additional 1,286,451 shares in the last quarter. Finally, California Public Employees Retirement System increased its stake in Starbucks by 68.0% in the second quarter. California Public Employees Retirement System now owns 3,027,814 shares of the coffee company’s stock valued at $277,439,000 after acquiring an additional 1,225,447 shares during the period. Institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Starbucks in a research note on Monday, December 8th. Wells Fargo & Company set a $100.00 target price on Starbucks and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Zacks Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. Piper Sandler dropped their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Finally, Wall Street Zen upgraded shares of Starbucks from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp acquired 11,700 shares of Starbucks stock in a transaction on Monday, November 10th. The shares were purchased at an average price of $85.00 per share, with a total value of $994,500.00. Following the acquisition, the director owned 53,096 shares in the company, valued at $4,513,160. This represents a 28.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.09% of the stock is owned by company insiders.

Starbucks Stock Performance

Starbucks stock opened at $85.35 on Monday. The business’s fifty day moving average is $84.00 and its two-hundred day moving average is $87.69. The firm has a market cap of $97.05 billion, a P/E ratio of 52.04, a P/E/G ratio of 1.74 and a beta of 0.98. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46.

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

Starbucks Dividend Announcement

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

About Starbucks

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.