Flagship Harbor Advisors LLC Sells 395 Shares of Starbucks Co. (NASDAQ:SBUX)

Posted by Defense World Staff on Jun 24th, 2023

Flagship Harbor Advisors LLC lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) by 6.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,464 shares of the coffee company’s stock after selling 395 shares during the period. Flagship Harbor Advisors LLC’s holdings in Starbucks were worth $569,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of SBUX. Norges Bank bought a new stake in shares of Starbucks during the 4th quarter valued at $1,222,931,000. Moneta Group Investment Advisors LLC boosted its stake in Starbucks by 115,334.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 8,493,639 shares of the coffee company’s stock worth $842,569,000 after purchasing an additional 8,486,281 shares in the last quarter. Morgan Stanley boosted its stake in Starbucks by 46.3% in the 4th quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock worth $2,650,462,000 after purchasing an additional 8,451,599 shares in the last quarter. Sustainable Growth Advisers LP bought a new position in Starbucks in the 3rd quarter worth about $227,839,000. Finally, Renaissance Technologies LLC bought a new position in Starbucks in the 1st quarter worth about $190,270,000. Institutional investors own 69.68% of the company’s stock.

Starbucks Trading Down 2.5 %

Shares of NASDAQ:SBUX opened at $98.34 on Friday. The stock has a 50 day moving average of $103.87 and a 200 day moving average of $103.57. The company has a market cap of $112.74 billion, a PE ratio of 31.93, a price-to-earnings-growth ratio of 1.77 and a beta of 0.96. Starbucks Co. has a 12-month low of $74.87 and a 12-month high of $115.48.

Starbucks (NASDAQ:SBUX – Get Rating) last posted its quarterly earnings results on Tuesday, May 2nd. The coffee company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.10. Starbucks had a negative return on equity of 41.99% and a net margin of 10.46%. The business had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same period in the prior year, the company posted $0.59 EPS. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. Equities research analysts predict that Starbucks Co. will post 3.43 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.12 annualized dividend and a yield of 2.16%. Starbucks’s payout ratio is 68.83%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Bank of America dropped their price target on shares of Starbucks from $138.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, April 19th. OTR Global upgraded shares of Starbucks from a “mixed” rating to a “positive” rating in a research note on Monday, April 10th. 51job reissued a “maintains” rating on shares of Starbucks in a research report on Wednesday, May 3rd. Morgan Stanley boosted their target price on Starbucks from $100.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Monday, April 17th. Finally, Barclays boosted their target price on Starbucks from $123.00 to $127.00 in a research report on Wednesday, May 3rd. Thirteen research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $110.31.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 679 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $100.60, for a total value of $68,307.40. Following the completion of the transaction, the chief financial officer now directly owns 54,761 shares in the company, valued at approximately $5,508,956.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Profile

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Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.