Wealth Dimensions Group Ltd. Takes $240,000 Position in Starbucks Co. (NASDAQ:SBUX)

Wealth Dimensions Group Ltd. acquired a new position in shares of Starbucks Co. (NASDAQ:SBUX) during the 3rd quarter, Holdings Channel.com reports. The firm acquired 2,465 shares of the coffee company’s stock, valued at approximately $240,000.

Several other hedge funds have also added to or reduced their stakes in SBUX. Legal & General Group Plc increased its holdings in shares of Starbucks by 2.6% in the second quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after acquiring an additional 221,718 shares in the last quarter. Van ECK Associates Corp increased its stake in Starbucks by 108.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock worth $348,391,000 after purchasing an additional 2,324,847 shares in the last quarter. Swiss National Bank raised its holdings in Starbucks by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,362,100 shares of the coffee company’s stock worth $327,771,000 after buying an additional 9,900 shares during the period. Marshall Wace LLP lifted its stake in Starbucks by 1,466.3% in the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after buying an additional 3,136,992 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its holdings in shares of Starbucks by 3.9% in the third quarter. Diamond Hill Capital Management Inc. now owns 3,255,967 shares of the coffee company’s stock valued at $317,424,000 after buying an additional 122,886 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Up 2.4 %

SBUX opened at $102.50 on Friday. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $103.60. The business has a 50 day moving average of $97.11 and a 200-day moving average of $87.10. The stock has a market cap of $116.21 billion, a price-to-earnings ratio of 30.97, a PEG ratio of 2.90 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last announced its quarterly 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. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter last year, the firm posted $1.06 EPS. The company’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, analysts expect that Starbucks Co. will post 3.15 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. This is an increase from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.38%. Starbucks’s payout ratio is presently 73.72%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Barclays dropped their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus lifted their price target on Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. 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. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and boosted their target price for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. 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 company’s stock. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. Also, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

Starbucks Company 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.