Summit Global Investments Has $7.58 Million Stake in Starbucks Co. (NASDAQ:SBUX)

Summit Global Investments lifted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 58.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,950 shares of the coffee company’s stock after buying an additional 29,220 shares during the quarter. Summit Global Investments’ holdings in Starbucks were worth $7,580,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Starbucks by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 106,891,648 shares of the coffee company’s stock worth $9,756,001,000 after buying an additional 387,632 shares during the period. Northern Trust Corp grew its position in Starbucks by 1.5% in the 3rd quarter. Northern Trust Corp now owns 15,217,752 shares of the coffee company’s stock valued at $1,388,924,000 after purchasing an additional 232,031 shares during the period. Fisher Asset Management LLC grew its position in Starbucks by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after purchasing an additional 268,030 shares during the period. Invesco Ltd. grew its position in Starbucks by 11.8% in the 3rd quarter. Invesco Ltd. now owns 10,541,739 shares of the coffee company’s stock valued at $962,144,000 after purchasing an additional 1,115,051 shares during the period. Finally, Nordea Investment Management AB grew its position in Starbucks by 44.8% in the 4th quarter. Nordea Investment Management AB now owns 5,146,033 shares of the coffee company’s stock valued at $493,350,000 after purchasing an additional 1,591,206 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Trading Up 0.4 %

Shares of NASDAQ SBUX traded up $0.30 during midday trading on Thursday, hitting $74.74. 21,303,024 shares of the company’s stock were exchanged, compared to its average volume of 9,276,379. Starbucks Co. has a 12-month low of $72.67 and a 12-month high of $109.72. The company has a market cap of $84.62 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 1.49 and a beta of 0.97. The business’s fifty day moving average price is $89.76 and its two-hundred day moving average price is $94.11.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a negative return on equity of 50.10% and a net margin of 11.38%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 EPS. Equities analysts expect that Starbucks Co. will post 3.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be given a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 annualized dividend and a yield of 3.05%. Starbucks’s payout ratio is currently 62.81%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SBUX. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a research report on Friday, April 19th. UBS Group reduced their price target on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Wedbush cut their price objective on shares of Starbucks from $95.00 to $92.00 and set a “neutral” rating on the stock in a report on Friday, April 26th. Citigroup cut their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, William Blair downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday. Sixteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.39.

Insider Buying and Selling at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 7,250 shares of company stock worth $651,738. 1.98% of the stock is currently owned by insiders.

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.