Handelsbanken Fonder AB Grows Holdings in Starbucks Co. (NASDAQ:SBUX)
Handelsbanken Fonder AB lifted its holdings in Starbucks Co. (NASDAQ:SBUX) by 245.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 370,511 shares of the coffee company’s stock after buying an additional 263,211 shares during the quarter. Handelsbanken Fonder AB’s holdings in Starbucks were worth $27,266,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. CFM Wealth Partners LLC grew its position in Starbucks by 0.3% during the 2nd quarter. CFM Wealth Partners LLC now owns 42,169 shares of the coffee company’s stock valued at $3,103,000 after purchasing an additional 132 shares during the last quarter. UMA Financial Services Inc. lifted its holdings in shares of Starbucks by 5.0% during the second quarter. UMA Financial Services Inc. now owns 2,831 shares of the coffee company’s stock worth $219,000 after purchasing an additional 135 shares during the period. Bingham Osborn & Scarborough LLC lifted its holdings in shares of Starbucks by 0.9% during the second quarter. Bingham Osborn & Scarborough LLC now owns 15,377 shares of the coffee company’s stock worth $1,132,000 after purchasing an additional 136 shares during the period. First Interstate Bank lifted its holdings in shares of Starbucks by 0.3% during the first quarter. First Interstate Bank now owns 41,287 shares of the coffee company’s stock worth $2,714,000 after purchasing an additional 138 shares during the period. Finally, Aries Wealth Management lifted its holdings in shares of Starbucks by 2.6% during the second quarter. Aries Wealth Management now owns 5,601 shares of the coffee company’s stock worth $412,000 after purchasing an additional 140 shares during the period. 68.36% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ SBUX traded up $1.44 during mid-day trading on Wednesday, reaching $89.15. 343,652 shares of the company’s stock were exchanged, compared to its average volume of 10,983,878. The firm has a market capitalization of $102.53 billion, a price-to-earnings ratio of 80.25, a PEG ratio of 6.38 and a beta of 0.81. Starbucks Co. has a 52-week low of $50.02 and a 52-week high of $94.13. The company’s 50-day moving average is $80.61 and its 200-day moving average is $75.44.
The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Thursday, August 6th. Starbucks’s payout ratio is 57.95%.
A number of research firms recently commented on SBUX. ValuEngine downgraded Starbucks from a “buy” rating to a “hold” rating in a report on Wednesday, September 9th. Stephens boosted their price target on Starbucks from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday, July 29th. Royal Bank of Canada decreased their price target on Starbucks from $86.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, June 11th. Telsey Advisory Group reduced their target price on Starbucks from $90.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, June 23rd. Finally, Zacks Investment Research raised Starbucks from a “sell” rating to a “hold” rating and set a $86.00 target price for the company in a research note on Monday, June 8th. Sixteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $84.50.
In related news, Director Clara Shih sold 37,498 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $79.13, for a total transaction of $2,967,216.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Myron E. Ullman III sold 4,252 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $84.77, for a total value of $360,442.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,002 shares of company stock worth $3,642,689. 0.41% of the stock is owned by corporate insiders.
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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