Gabelli Funds LLC Increases Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Gabelli Funds LLC increased its holdings in Starbucks Co. (NASDAQ:SBUX) by 8.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 224,625 shares of the coffee company’s stock after buying an additional 17,825 shares during the period. Gabelli Funds LLC’s holdings in Starbucks were worth $22,251,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Starbucks by 80,389.3% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 125,195,416 shares of the coffee company’s stock valued at $12,401,858,000 after buying an additional 125,039,873 shares in the last quarter. State Street Corp boosted its stake in shares of Starbucks by 0.3% during the first quarter. State Street Corp now owns 44,120,185 shares of the coffee company’s stock valued at $4,594,235,000 after acquiring an additional 135,644 shares during the last quarter. Morgan Stanley increased its position in Starbucks by 46.3% during the 4th quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock worth $2,650,462,000 after purchasing an additional 8,451,599 shares in the last quarter. Geode Capital Management LLC raised its stake in Starbucks by 1.6% in the 1st quarter. Geode Capital Management LLC now owns 21,506,132 shares of the coffee company’s stock valued at $2,234,305,000 after purchasing an additional 330,954 shares during the last quarter. Finally, Norges Bank purchased a new position in Starbucks in the 4th quarter valued at about $1,222,931,000. 70.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Michael Aaron Conway sold 6,500 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $104.77, for a total value of $681,005.00. Following the completion of the transaction, the insider now directly owns 72,822 shares in the company, valued at $7,629,560.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Michael Aaron Conway sold 6,500 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $104.77, for a total value of $681,005.00. Following the completion of the transaction, the insider now directly owns 72,822 shares in the company, valued at $7,629,560.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rachel Ruggeri sold 504 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $105.66, for a total transaction of $53,252.64. Following the completion of the transaction, the chief financial officer now owns 75,027 shares of the company’s stock, valued at $7,927,352.82. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Stock Down 1.5 %

SBUX opened at $105.57 on Monday. Starbucks Co. has a 52-week low of $89.21 and a 52-week high of $115.48. The company has a 50 day moving average of $95.92 and a two-hundred day moving average of $98.73. The company has a market cap of $120.92 billion, a P/E ratio of 29.49, a P/E/G ratio of 1.56 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 2nd. The coffee company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.09. Starbucks had a net margin of 11.47% and a negative return on equity of 48.79%. The company had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the firm earned $0.81 earnings per share. Starbucks’s revenue for the quarter was up 11.4% on a year-over-year basis. Research analysts anticipate that Starbucks Co. will post 4.15 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 10th will be paid a $0.57 dividend. The ex-dividend date is Thursday, November 9th. This is an increase from Starbucks’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a dividend yield of 2.16%. Starbucks’s dividend payout ratio is 63.69%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SBUX shares. Barclays lowered their price target on shares of Starbucks from $123.00 to $116.00 and set an “overweight” rating for the company in a report on Monday, October 23rd. Wedbush boosted their price target on Starbucks from $100.00 to $106.00 and gave the company a “neutral” rating in a report on Monday, November 6th. TD Cowen cut Starbucks from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $117.00 to $107.00 in a report on Tuesday, September 19th. Citigroup dropped their target price on Starbucks from $104.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday, October 5th. Finally, William Blair reissued an “outperform” rating on shares of Starbucks in a research note on Monday, November 6th. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $114.52.

About Starbucks

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.