Pinnacle West Asset Management Inc. Boosts Holdings in Starbucks Co. (NASDAQ:SBUX)

Pinnacle West Asset Management Inc. boosted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,745 shares of the coffee company’s stock after acquiring an additional 250 shares during the period. Pinnacle West Asset Management Inc.’s holdings in Starbucks were worth $755,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. AdvisorNet Financial Inc raised its holdings in shares of Starbucks by 45.5% in the first quarter. AdvisorNet Financial Inc now owns 2,024 shares of the coffee company’s stock worth $185,000 after buying an additional 633 shares during the last quarter. Brookstone Capital Management raised its holdings in shares of Starbucks by 18.7% in the first quarter. Brookstone Capital Management now owns 22,345 shares of the coffee company’s stock worth $2,042,000 after buying an additional 3,516 shares during the last quarter. Aspiriant LLC raised its holdings in shares of Starbucks by 4.0% in the first quarter. Aspiriant LLC now owns 5,539 shares of the coffee company’s stock worth $506,000 after buying an additional 211 shares during the last quarter. Wealthcare Advisory Partners LLC raised its holdings in shares of Starbucks by 21.6% in the first quarter. Wealthcare Advisory Partners LLC now owns 9,929 shares of the coffee company’s stock worth $907,000 after buying an additional 1,766 shares during the last quarter. Finally, ERn Financial LLC raised its holdings in shares of Starbucks by 4.1% in the first quarter. ERn Financial LLC now owns 4,514 shares of the coffee company’s stock worth $413,000 after buying an additional 177 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, with a total value 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 approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, with a total value 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 approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $92.00 to $115.00 in a report on Thursday, September 26th. BMO Capital Markets increased their price objective on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, September 9th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. TD Cowen reiterated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research note on Wednesday. Finally, Barclays increased their price objective on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.48.

Starbucks Stock Performance

Shares of NASDAQ:SBUX traded up $0.18 during midday trading on Thursday, hitting $97.83. The company’s stock had a trading volume of 4,642,664 shares, compared to its average volume of 11,349,207. The business’s 50 day simple moving average is $95.38 and its 200 day simple moving average is $84.89. The company has a market cap of $110.86 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate 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 revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm posted $1.00 earnings per share. On average, sell-side analysts predict that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.61 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is currently 63.87%.

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.