Benedict Financial Advisors Inc. Purchases 4,883 Shares of Starbucks Co. (NASDAQ:SBUX)

Benedict Financial Advisors Inc. boosted its position in Starbucks Co. (NASDAQ:SBUX) by 12.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,015 shares of the coffee company’s stock after acquiring an additional 4,883 shares during the period. Benedict Financial Advisors Inc.’s holdings in Starbucks were worth $4,291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Starbucks by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after purchasing an additional 470,498 shares during the last quarter. Legal & General Group Plc grew its position in shares of Starbucks by 2.6% during the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after buying an additional 221,718 shares during the period. Flossbach Von Storch AG grew its position in shares of Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after buying an additional 2,897,282 shares during the period. Nordea Investment Management AB increased its stake in shares of Starbucks by 5.2% in the 1st quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock valued at $495,145,000 after acquiring an additional 266,570 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in shares of Starbucks in the 1st quarter valued at approximately $415,167,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Trading Up 0.2 %

Shares of SBUX traded up $0.16 during midday trading on Friday, reaching $97.31. The stock had a trading volume of 9,665,550 shares, compared to its average volume of 11,366,117. The firm has a 50 day simple moving average of $95.48 and a 200-day simple moving average of $85.05. The firm has a market cap of $110.22 billion, a PE ratio of 26.81, a P/E/G ratio of 2.14 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the business earned $1.00 earnings per share. The business’s revenue was down .6% compared to the same quarter last year. As a group, research analysts forecast that Starbucks Co. will post 3.55 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a yield of 2.51%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is 67.22%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and upped their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Barclays lifted their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. UBS Group increased their price target on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday. BMO Capital Markets lifted their price objective on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, September 9th. Finally, Citigroup lowered their target price on Starbucks from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.48.

Insider Buying and Selling at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.98% of the company’s stock.

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.