Norden Group LLC reduces holdings in Starbucks Co. (NASDAQ:SBUX)

VaselineSeptember 9, 2024

0 4 minutes read

Norden Group LLC reduced its holdings in Starbucks Co. (NASDAQ:SBUX – Free Report) by 21.3% in the second quarter, according to its most recent filing with the SEC. The firm owned 7,174 shares of the coffee company’s stock after selling 1,944 shares during the period. Norden Group LLC’s holdings in Starbucks were worth $559,000 at the end of the most recent quarter.

Several other hedge funds have recently modified their holdings of SBUX. Motiv8 Investments LLC boosted its position in Starbucks by 33.8% in the 2nd quarter. Motiv8 Investments LLC now owns 7,478 shares of the coffee company’s stock valued at $582,000 after acquiring an additional 1,887 shares in the last quarter. Mine & Arao Wealth Creation & Management LLC. boosted its position in Starbucks by 6.1% in the second quarter. Mine & Arao Wealth Creation & Management LLC. now owns 3,256 shares of the coffee company’s stock valued at $253,000 after buying an additional 187 shares in the last quarter. Patron Partners LLC grew its stake in Starbucks by 4.5% in the second quarter. Patron Partners LLC now owns 9,684 shares of the coffee company’s stock valued at $754,000 after buying an additional 415 shares in the last quarter. Advisor OS LLC boosted its holdings in Starbucks by 20.6% in the second quarter. Advisor OS LLC now owns 10,418 shares of the coffee company’s stock worth $811,000 after buying an additional 1,781 shares in the last quarter. Finally, Weil Company Inc. lifted its position in shares of Starbucks by 1.4% during the second quarter. Weil Company Inc. now owns 26,358 shares of the coffee company’s stock valued at $2,052,000 after buying an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s shares.

Starbucks trading down 0.4%

Shares of Starbucks stock opened at $91.15 on Monday. The firm has a market cap of $103.29 billion, a PE ratio of 25.11, a P/E/G ratio of 2.18 and a beta of 0.96. The stock’s 50-day simple moving average is $82.41, and its two-hundred-day simple moving average is $83.80. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66.

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Starbucks (NASDAQ:SBUX – Get Your Free Report ) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the prior year, the firm posted earnings of $1.00 per share. The company’s quarterly revenue was down 0.6% compared to the same quarter last year. On average, equities research analysts forecast that Starbucks Co. will post 3.56 EPS for the current year.

Starbucks Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.57 dividend. The ex-dividend date of this dividend was Friday, August 16. This represents an annualized dividend of $2.28 and a dividend yield of 2.50%. Starbucks’s dividend payout ratio is currently 62.81%.

Changes in Analyst Ratings

A number of brokerages have recently issued reports on SBUX. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $103.00 in a research report on Tuesday, 13 August. Baird RW raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Morgan Stanley reiterated an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a report on Wednesday, July 31st. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research report on Wednesday, August 21st. Finally, BMO Capital Markets cut their price target on Starbucks from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Moderate Buy” and a consensus price target of $99.42, according to MarketBeat .

See the latest stock analysis on Starbucks

Insider buying and selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In related news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated 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 approximately $5,697,682.32. The sale was disclosed in a filing 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 value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,790 shares of company stock valued at $865,514. 1.98% of shares are owned by company insiders.

Starbucks Company Profile

(Free report)

Starbucks Corporation, together with its subsidiaries, operates as a roaster, distributor and distributor of coffee worldwide. The company operates through three segments: North America, International and Channel Development. Its stores offer coffee and tea beverages, whole roasted beans and ground coffee, unique products and ready-to-drink beverages; and various food products such as pastries, breakfast sandwiches and lunch items.