CIBC Asset Management Inc Buys 21,851 Shares of Starbucks Co. (NASDAQ:SBUX)

CIBC Asset Management Inc lifted its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 6.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 382,334 shares of the coffee company’s stock after acquiring an additional 21,851 shares during the quarter. CIBC Asset Management Inc’s holdings in Starbucks were worth $37,274,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Ontario Teachers Pension Plan Board bought a new stake in Starbucks during the 1st quarter valued at approximately $415,167,000. Marshall Wace LLP raised its position in shares of Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after buying an additional 3,136,992 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in shares of Starbucks during the second quarter valued at approximately $243,910,000. Capital World Investors bought a new position in shares of Starbucks during the first quarter worth $257,721,000. Finally, Van ECK Associates Corp grew its stake in Starbucks by 108.1% during the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after acquiring an additional 2,324,847 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Down 0.2 %

Shares of NASDAQ:SBUX opened at $98.42 on Friday. The business’s 50 day moving average is $96.60 and its 200 day moving average is $86.12. The stock has a market cap of $111.53 billion, a P/E ratio of 29.73, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 EPS. On average, sell-side analysts anticipate that Starbucks Co. will post 3.15 EPS for the current fiscal year.

Starbucks Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is presently 73.72%.

Insider Activity

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

SBUX has been the subject of several research reports. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. lifted their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Stifel Nicolaus increased their target price on Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and reduced their price target for the stock from $80.00 to $76.00 in a research report on Tuesday, September 24th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.81.

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.