Norway Savings Bank Raises Holdings in Starbucks Co. (NASDAQ:SBUX)

Norway Savings Bank grew its holdings in Starbucks Co. (NASDAQ:SBUX) by 3.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,587 shares of the coffee company’s stock after buying an additional 340 shares during the quarter. Norway Savings Bank’s holdings in Starbucks were worth $968,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Vima LLC acquired a new position in shares of Starbucks during the 4th quarter worth $26,000. Scarborough Advisors LLC acquired a new position in Starbucks during the fourth quarter worth about $26,000. DSM Capital Partners LLC purchased a new position in Starbucks in the fourth quarter valued at about $27,000. Riggs Asset Managment Co. Inc. lifted its position in shares of Starbucks by 1,578.9% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Finally, Fairman Group LLC purchased a new stake in shares of Starbucks during the 4th quarter worth approximately $30,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wedbush reaffirmed a “neutral” rating and set a $81.00 price objective on shares of Starbucks in a report on Friday. Piper Sandler cut their price target on Starbucks from $88.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. JPMorgan Chase & Co. lowered their price objective on shares of Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. DZ Bank cut shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a research report on Friday, May 3rd. Finally, Wells Fargo & Company lowered their price target on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Seventeen research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $94.54.

Starbucks Stock Performance

SBUX opened at $77.85 on Friday. The company has a market cap of $88.18 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96. Starbucks Co. has a 1 year low of $71.80 and a 1 year high of $107.66. The firm has a 50 day moving average price of $79.66 and a 200 day moving average price of $88.09.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. The business’s revenue was down 1.8% compared to the same quarter last year. On average, sell-side analysts predict that Starbucks Co. will post 3.59 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $0.57 per share. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a dividend yield of 2.93%. Starbucks’s payout ratio is currently 62.81%.

Insider Buying and Selling

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the sale, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,750 shares of company stock valued at $878,893. Corporate insiders own 1.98% of the company’s stock.

Starbucks Profile

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.