Destination Wealth Management Makes New Investment in Starbucks Co. (NASDAQ:SBUX)

Destination Wealth Management acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,367 shares of the coffee company’s stock, valued at approximately $231,000.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP lifted its position in shares of Starbucks by 100.6% in the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock valued at $1,476,967,000 after acquiring an additional 7,598,146 shares in the last quarter. FMR LLC raised its position in shares of Starbucks by 55.0% during the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock valued at $1,928,339,000 after buying an additional 7,015,375 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Starbucks by 1,466.3% in the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock worth $260,870,000 after buying an additional 3,136,992 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of Starbucks during the second quarter worth $243,910,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in Starbucks by 1,078.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock valued at $248,153,000 after acquiring an additional 2,329,431 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 0.6 %

Shares of NASDAQ:SBUX opened at $97.82 on Friday. The company has a market capitalization of $110.91 billion, a PE ratio of 29.55, a P/E/G ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $103.32. The business’s fifty day simple moving average is $98.22 and its 200-day simple moving average is $89.31.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business earned $1.06 EPS. Research analysts predict that Starbucks Co. will post 3.11 EPS for the current year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be given a $0.61 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.49%. Starbucks’s payout ratio is 73.72%.

Insider Buying and Selling

In other news, CFO Rachel Ruggeri sold 1,452 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the completion of the transaction, the chief financial officer now directly owns 65,648 shares in the company, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.98% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on SBUX shares. DZ Bank downgraded shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a report on Wednesday, August 21st. Stifel Nicolaus lifted their price objective on Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. increased their target price on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Barclays reduced their price target on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Finally, BTIG Research increased their price objective on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $103.77.

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.