Balboa Wealth Partners Has $375,000 Stock Position in Starbucks Co. (NASDAQ:SBUX)

Balboa Wealth Partners lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 5.7% in the third quarter, Holdings Channel reports. The firm owned 3,850 shares of the coffee company’s stock after selling 232 shares during the quarter. Balboa Wealth Partners’ holdings in Starbucks were worth $375,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ontario Teachers Pension Plan Board bought a new stake in shares of Starbucks during the 1st quarter worth approximately $415,167,000. Marshall Wace LLP raised its position in Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Starbucks during the second quarter worth $243,910,000. Capital World Investors acquired a new stake in shares of Starbucks in the 1st quarter valued at $257,721,000. Finally, Van ECK Associates Corp increased its stake in shares of Starbucks by 108.1% in the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after purchasing an additional 2,324,847 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

Shares of SBUX opened at $98.42 on Friday. The firm has a market cap of $111.53 billion, a PE ratio of 29.73, a PEG ratio of 2.89 and a beta of 0.97. The stock’s fifty day moving average price is $96.60 and its two-hundred day moving average price is $86.12. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. The firm had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.06 earnings per share. Sell-side analysts anticipate that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. Starbucks’s payout ratio is presently 73.72%.

Insider Buying and Selling at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 1.06 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wedbush dropped their price objective on Starbucks from $98.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. BMO Capital Markets upped their price objective on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, September 9th. Morgan Stanley upped their price objective on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $80.00 to $76.00 in a research report on Tuesday, September 24th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $102.81.

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.