Cigna Investments Inc. New grew its stake in Starbucks Co. (NASDAQ:SBUX) by 6.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,288 shares of the coffee company’s stock after purchasing an additional 2,000 shares during the quarter. Cigna Investments Inc. New’s holdings in Starbucks were worth $2,189,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of SBUX. Boston Private Wealth LLC increased its position in Starbucks by 32.4% during the fourth quarter. Boston Private Wealth LLC now owns 150,917 shares of the coffee company’s stock worth $13,269,000 after acquiring an additional 36,926 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Starbucks by 3.3% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 403,978 shares of the coffee company’s stock worth $35,518,000 after acquiring an additional 13,039 shares during the period. Griffin Asset Management Inc. increased its position in Starbucks by 1.8% during the fourth quarter. Griffin Asset Management Inc. now owns 69,252 shares of the coffee company’s stock worth $6,089,000 after acquiring an additional 1,215 shares during the period. Sunbelt Securities Inc. increased its position in Starbucks by 2.0% during the fourth quarter. Sunbelt Securities Inc. now owns 19,699 shares of the coffee company’s stock worth $1,704,000 after acquiring an additional 395 shares during the period. Finally, Altfest L J & Co. Inc. increased its position in Starbucks by 63.4% during the first quarter. Altfest L J & Co. Inc. now owns 6,904 shares of the coffee company’s stock worth $454,000 after acquiring an additional 2,680 shares during the period. 67.70% of the stock is currently owned by institutional investors.
NASDAQ SBUX traded down $0.43 during trading hours on Friday, reaching $77.62. The company’s stock had a trading volume of 7,580,153 shares, compared to its average volume of 11,421,882. The firm has a fifty day simple moving average of $73.70 and a 200-day simple moving average of $80.77. The stock has a market cap of $91.19 billion, a P/E ratio of 27.62, a P/E/G ratio of 4.57 and a beta of 0.80. Starbucks Co. has a 52 week low of $50.02 and a 52 week high of $99.72.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a $0.41 dividend. The ex-dividend date was Thursday, May 7th. This represents a $1.64 dividend on an annualized basis and a yield of 2.11%. Starbucks’s dividend payout ratio (DPR) is presently 57.95%.
In other Starbucks news, CAO Jill Walker sold 2,000 shares of the firm’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Myron E. Ullman III sold 4,252 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $74.89, for a total transaction of $318,432.28. Following the transaction, the director now owns 22,728 shares of the company’s stock, valued at approximately $1,702,099.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,504 shares of company stock valued at $726,546. 0.41% of the stock is owned by company insiders.
A number of equities analysts recently commented on SBUX shares. Royal Bank of Canada raised their price target on shares of Starbucks from $80.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Argus reduced their price objective on shares of Starbucks from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. UBS Group increased their price objective on shares of Starbucks from $73.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 29th. Guggenheim reiterated a “hold” rating on shares of Starbucks in a research note on Wednesday, January 29th. Finally, Bank of America downgraded shares of Starbucks from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $68.00 to $73.00 in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and twelve have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price 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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