Onyx Bridge Wealth Group LLC Takes Position in Starbucks Co. (NASDAQ:SBUX)

Onyx Bridge Wealth Group LLC acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX) during the fourth quarter, Holdings Channel reports. The fund acquired 2,527 shares of the coffee company’s stock, valued at approximately $243,000.

Other large investors also recently modified their holdings of the company. Freedom Wealth Alliance LLC bought a new stake in shares of Starbucks in the fourth quarter worth about $26,000. Riggs Asset Managment Co. Inc. lifted its holdings in Starbucks by 1,578.9% in the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after buying an additional 300 shares during the period. Atticus Wealth Management LLC lifted its holdings in Starbucks by 153.8% in the fourth quarter. Atticus Wealth Management LLC now owns 330 shares of the coffee company’s stock worth $32,000 after buying an additional 200 shares during the period. First Capital Advisors Group LLC. purchased a new stake in Starbucks in the second quarter worth about $35,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Starbucks in the first quarter worth about $37,000. 72.29% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction 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 approximately $6,933,582.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 7,250 shares of company stock worth $653,183. Corporate insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SBUX. JPMorgan Chase & Co. lowered their price objective on shares of Starbucks from $107.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, March 19th. Morgan Stanley lowered their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, April 12th. BTIG Research lowered their target price on shares of Starbucks from $125.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, January 31st. TD Cowen reiterated a “hold” rating and set a $100.00 target price on shares of Starbucks in a report on Thursday, April 11th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a report on Friday. Fourteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $106.68.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded up $0.46 during midday trading on Friday, hitting $87.61. The company had a trading volume of 11,899,968 shares, compared to its average volume of 6,964,867. The company has a market cap of $99.19 billion, a price-to-earnings ratio of 23.43, a PEG ratio of 1.41 and a beta of 0.97. Starbucks Co. has a 12-month low of $84.29 and a 12-month high of $115.48. The company has a fifty day moving average of $90.94 and a two-hundred day moving average of $94.39.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, January 31st. The coffee company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. The company had revenue of $9.43 billion during the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter last year, the company earned $0.75 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Research analysts expect that Starbucks Co. will post 4.03 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a yield of 2.60%. Starbucks’s payout ratio is presently 60.96%.

About Starbucks

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.