Summit Financial LLC Purchases 319 Shares of Starbucks Co. (NASDAQ:SBUX)

Summit Financial LLC boosted its holdings in Starbucks Co. (NASDAQ:SBUX) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,585 shares of the coffee company’s stock after purchasing an additional 319 shares during the period. Summit Financial LLC’s holdings in Starbucks were worth $1,496,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Riggs Asset Managment Co. Inc. increased its stake in shares of Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares during the period. Cypress Capital Management LLC WY increased its position in Starbucks by 133.1% during the 4th quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after buying an additional 185 shares in the last quarter. Atticus Wealth Management LLC boosted its stake in Starbucks by 153.8% in the 4th quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock worth $32,000 after purchasing an additional 200 shares in the last quarter. Evolution Advisers Inc. purchased a new stake in shares of Starbucks during the fourth quarter valued at approximately $36,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Starbucks in the fourth quarter worth $38,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 1.0 %

Starbucks stock traded down $0.74 during midday trading on Thursday, hitting $73.70. 5,285,107 shares of the stock were exchanged, compared to its average volume of 9,089,967. The stock has a market capitalization of $83.44 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 1.49 and a beta of 0.97. The stock’s 50-day simple moving average is $89.76 and its 200 day simple moving average is $94.11. Starbucks Co. has a fifty-two week low of $72.67 and a fifty-two week high of $109.72.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 50.10%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 EPS. Equities analysts anticipate that Starbucks Co. will post 3.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. BTIG Research dropped their price target on Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday. Evercore ISI decreased their price target on Starbucks from $120.00 to $92.00 and set an “outperform” rating on the stock in a report on Wednesday. Morgan Stanley dropped their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, April 12th. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Finally, Wedbush dropped their price target on Starbucks from $95.00 to $92.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Sixteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $100.39.

Insider Buying and Selling

In other Starbucks news, insider Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the insider now directly owns 84,153 shares in the company, valued at $7,912,906.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 7,250 shares of company stock valued at $651,738. Company 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.