Park Avenue Securities LLC Acquires 8,593 Shares of Starbucks Co. (NASDAQ:SBUX)

Park Avenue Securities LLC lifted its stake in Starbucks Co. (NASDAQ:SBUX) by 18.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 56,376 shares of the coffee company’s stock after buying an additional 8,593 shares during the quarter. Park Avenue Securities LLC’s holdings in Starbucks were worth $6,160,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SBUX. Norges Bank acquired a new stake in shares of Starbucks in the 4th quarter valued at $1,244,400,000. Price T Rowe Associates Inc. MD increased its stake in shares of Starbucks by 46.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,235,062 shares of the coffee company’s stock valued at $560,047,000 after buying an additional 1,656,946 shares during the period. Morgan Stanley raised its holdings in Starbucks by 6.9% during the 4th quarter. Morgan Stanley now owns 13,603,582 shares of the coffee company’s stock worth $1,455,309,000 after purchasing an additional 881,073 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Starbucks in the 4th quarter valued at about $80,812,000. Finally, Lord Abbett & CO. LLC acquired a new position in Starbucks in the fourth quarter valued at approximately $72,008,000. Hedge funds and other institutional investors own 67.27% of the company’s stock.

In other news, EVP Rachel A. Gonzalez sold 82,894 shares of Starbucks stock in a transaction on Monday, March 29th. The stock was sold at an average price of $109.50, for a total transaction of $9,076,893.00. Following the sale, the executive vice president now directly owns 78,905 shares in the company, valued at approximately $8,640,097.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin R. Johnson sold 170,000 shares of the firm’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $111.07, for a total transaction of $18,881,900.00. Following the sale, the chief executive officer now owns 515,934 shares of the company’s stock, valued at approximately $57,304,789.38. The disclosure for this sale can be found here. Insiders have sold a total of 406,184 shares of company stock valued at $44,685,798 over the last three months. Corporate insiders own 0.41% of the company’s stock.

A number of research firms recently commented on SBUX. Gordon Haskett upgraded Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the company from $100.00 to $120.00 in a report on Friday, February 5th. Oppenheimer lifted their price target on shares of Starbucks from $122.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, April 26th. MKM Partners raised their price objective on Starbucks from $105.00 to $117.00 in a research note on Thursday, April 22nd. Barclays increased their price target on Starbucks from $137.00 to $140.00 in a report on Wednesday, April 28th. Finally, Telsey Advisory Group increased their target price on Starbucks from $108.00 to $120.00 and gave the stock a “market perform” rating in a research note on Tuesday, March 23rd. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Starbucks currently has a consensus rating of “Buy” and an average target price of $120.80.

SBUX traded down $0.68 during trading on Tuesday, reaching $115.04. 48,721 shares of the stock traded hands, compared to its average volume of 6,440,893. The stock’s 50-day moving average is $112.30 and its 200 day moving average is $103.39. Starbucks Co. has a 12 month low of $70.65 and a 12 month high of $118.98. The stock has a market capitalization of $135.44 billion, a PE ratio of 150.29, a P/E/G ratio of 2.67 and a beta of 0.82.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Monday, April 26th. The coffee company reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.10. The business had revenue of $6.67 billion during the quarter, compared to the consensus estimate of $6.75 billion. Starbucks had a negative return on equity of 18.07% and a net margin of 3.95%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. Equities research analysts anticipate that Starbucks Co. will post 2.81 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 28th. Stockholders of record on Thursday, May 13th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Wednesday, May 12th. Starbucks’s payout ratio is presently 153.85%.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: Americas, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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