Washington Trust Bank Purchases 15,025 Shares of Starbucks Co. (NASDAQ:SBUX)

Washington Trust Bank lifted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 10.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 152,724 shares of the coffee company’s stock after acquiring an additional 15,025 shares during the period. Starbucks makes up about 1.7% of Washington Trust Bank’s portfolio, making the stock its 14th largest holding. Washington Trust Bank’s holdings in Starbucks were worth $15,903,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Starbucks in the 4th quarter valued at approximately $1,222,931,000. Moneta Group Investment Advisors LLC lifted 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 valued at $842,569,000 after purchasing an additional 8,486,281 shares during the last quarter. Morgan Stanley lifted 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 valued at $2,650,462,000 after purchasing an additional 8,451,599 shares during the last quarter. Renaissance Technologies LLC bought a new position in Starbucks in the 1st quarter valued at approximately $190,270,000. Finally, Amundi lifted its stake in Starbucks by 86.5% in the 4th quarter. Amundi now owns 4,130,788 shares of the coffee company’s stock valued at $436,661,000 after purchasing an additional 1,915,771 shares during the last quarter. Institutional investors own 70.13% of the company’s stock.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 679 shares of the firm’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $100.60, for a total value of $68,307.40. Following the transaction, the chief financial officer now directly owns 54,761 shares of the company’s stock, valued at $5,508,956.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.98% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SBUX shares. Morgan Stanley reissued an “equal weight” rating and issued a $104.00 price objective on shares of Starbucks in a research note on Wednesday, August 2nd. Barclays dropped their price objective on shares of Starbucks from $127.00 to $123.00 and set an “overweight” rating for the company in a research note on Wednesday, August 2nd. Stephens restated an “equal weight” rating and issued a $110.00 price target on shares of Starbucks in a research report on Wednesday, August 2nd. Wells Fargo & Company decreased their price target on shares of Starbucks from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, July 19th. Finally, Bank of America upped their price target on shares of Starbucks from $131.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.70.

Starbucks Stock Up 0.8 %

Shares of NASDAQ SBUX opened at $96.00 on Monday. The firm has a market cap of $109.96 billion, a PE ratio of 29.05, a P/E/G ratio of 1.67 and a beta of 0.93. Starbucks Co. has a 12-month low of $82.43 and a 12-month high of $115.48. The company’s fifty day simple moving average is $99.32 and its 200 day simple moving average is $101.64.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, August 1st. The coffee company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.05. The business had revenue of $9.17 billion for the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a net margin of 10.81% and a negative return on equity of 44.46%. Starbucks’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. On average, equities analysts predict that Starbucks Co. will post 3.45 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Thursday, August 10th. Starbucks’s dividend payout ratio is presently 64.63%.

Starbucks Company Profile

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.