Bedel Financial Consulting Inc. Grows Stake in Starbucks Co. (NASDAQ:SBUX)
Bedel Financial Consulting Inc. lifted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 14.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,672 shares of the coffee company’s stock after purchasing an additional 345 shares during the period. Bedel Financial Consulting Inc.’s holdings in Starbucks were worth $176,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Capital Wealth Alliance LLC acquired a new position in Starbucks during the fourth quarter worth about $25,000. RMR Wealth Builders acquired a new position in Starbucks during the fourth quarter worth about $26,000. Tobias Financial Advisors Inc. acquired a new position in Starbucks during the fourth quarter worth about $31,000. Solstein Capital LLC acquired a new position in Starbucks during the fourth quarter worth about $32,000. Finally, AlphaCore Capital LLC acquired a new position in Starbucks during the first quarter worth about $32,000. 67.70% of the stock is owned by institutional investors and hedge funds.
In related news, Director Myron E. Ullman III sold 4,252 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $74.89, for a total transaction of $318,432.28. Following the sale, the director now directly owns 22,728 shares of the company’s stock, valued at approximately $1,702,099.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jill Walker sold 2,000 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $70.14, for a total transaction of $140,280.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,504 shares of company stock worth $726,546. 0.41% of the stock is owned by insiders.
Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 28th. The coffee company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Starbucks had a negative return on equity of 50.19% and a net margin of 12.71%. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the previous year, the company earned $0.60 earnings per share. Starbucks’s quarterly revenue was down 4.9% on a year-over-year basis. Equities research analysts expect that Starbucks Co. will post 1.24 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Friday, May 8th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.13%. The ex-dividend date is Thursday, May 7th. Starbucks’s payout ratio is currently 57.95%.
A number of research firms recently weighed in on SBUX. KeyCorp boosted their price target on shares of Starbucks from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. MKM Partners boosted their price target on shares of Starbucks from $70.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 29th. Robert W. Baird decreased their target price on shares of Starbucks from $80.00 to $65.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. JPMorgan Chase & Co. boosted their target price on shares of Starbucks from $65.00 to $72.00 and gave the company a “neutral” rating in a report on Wednesday, April 29th. Finally, Goldman Sachs Group decreased their target price on shares of Starbucks from $95.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, March 6th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Starbucks currently has a consensus rating of “Hold” and an average price target of $81.77.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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