Marietta Wealth Management LLC Boosts Holdings in Starbucks Co. (NASDAQ:SBUX)

Marietta Wealth Management LLC boosted its position in Starbucks Co. (NASDAQ:SBUX) by 11.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,653 shares of the coffee company’s stock after purchasing an additional 7,540 shares during the period. Marietta Wealth Management LLC’s holdings in Starbucks were worth $5,890,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vima LLC purchased a new position in Starbucks in the fourth quarter worth $26,000. Scarborough Advisors LLC purchased a new position in Starbucks in the fourth quarter worth $26,000. DSM Capital Partners LLC purchased a new position in shares of Starbucks in the fourth quarter valued at $27,000. Fairman Group LLC purchased a new position in shares of Starbucks in the fourth quarter valued at $30,000. Finally, Cypress Capital Management LLC WY increased its position in shares of Starbucks by 133.1% in the fourth 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. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SBUX. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and raised their price target for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Wells Fargo & Company dropped their target price on Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and upped their price target for the stock from $80.00 to $110.00 in a research note on Wednesday. BTIG Research decreased their target price on Starbucks from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $98.00 target price on shares of Starbucks in a research report on Wednesday, July 31st. Twelve investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.79.

Starbucks Stock Performance

Shares of Starbucks stock traded up $0.50 on Friday, reaching $94.81. 16,336,331 shares of the company were exchanged, compared to its average volume of 22,615,598. The company’s 50-day moving average is $78.23 and its two-hundred day moving average is $83.92. The firm has a market cap of $107.39 billion, a price-to-earnings ratio of 26.12, a P/E/G ratio of 2.25 and a beta of 0.94. Starbucks Co. has a 1-year low of $71.55 and a 1-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 business had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the prior year, the firm earned $1.00 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. As a group, sell-side analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.40%. The ex-dividend date is Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Activity at Starbucks

In related news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. Insiders have sold a total of 10,540 shares of company stock worth $879,291 in the last three months. 1.98% of the stock is owned by company insiders.

About Starbucks

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.