Summit Financial LLC Acquires 16,439 Shares of Starbucks Co. (NASDAQ:SBUX)

Summit Financial LLC increased its stake in Starbucks Co. (NASDAQ:SBUX) by 102.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,482 shares of the coffee company’s stock after purchasing an additional 16,439 shares during the quarter. Summit Financial LLC’s holdings in Starbucks were worth $2,529,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Vima LLC bought a new stake in shares of Starbucks during the 4th quarter valued at $26,000. Scarborough Advisors LLC bought a new stake in Starbucks during the fourth quarter valued at about $26,000. New Millennium Group LLC purchased a new position in shares of Starbucks in the second quarter valued at about $26,000. Stephens Consulting LLC boosted its stake in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after acquiring an additional 279 shares during the period. Finally, DSM Capital Partners LLC purchased a new stake in shares of Starbucks during the fourth quarter worth about $27,000. Institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,790 shares of company stock worth $865,514. 1.98% of the stock is owned by insiders.

Starbucks Trading Down 0.3 %

SBUX opened at $94.57 on Monday. The firm has a market cap of $107.17 billion, a price-to-earnings ratio of 26.05, a PEG ratio of 2.26 and a beta of 0.94. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The stock has a fifty day moving average price of $81.06 and a 200-day moving average price of $83.83.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 EPS. On average, equities research analysts forecast that Starbucks Co. will post 3.56 EPS for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.41%. The ex-dividend date was Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on SBUX shares. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Barclays raised their target price on shares of Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Citigroup increased their price objective on shares of Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Finally, Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $99.21.

Starbucks 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.