Starbucks Co. (NASDAQ:SBUX) Shares Bought by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its position in Starbucks Co. (NASDAQ:SBUX) by 663.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,630 shares of the coffee company’s stock after acquiring an additional 45,740 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Starbucks were worth $4,810,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Orca Investment Management LLC boosted its holdings in Starbucks by 6.6% in the fourth quarter. Orca Investment Management LLC now owns 7,494 shares of the coffee company’s stock valued at $719,000 after purchasing an additional 466 shares in the last quarter. Cerity Partners LLC boosted its holdings in Starbucks by 481.9% in the fourth quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock valued at $148,567,000 after purchasing an additional 1,281,471 shares in the last quarter. Cox Capital Mgt LLC boosted its holdings in Starbucks by 41.9% in the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after purchasing an additional 13,372 shares in the last quarter. Summa Corp. acquired a new position in Starbucks in the fourth quarter valued at approximately $384,000. Finally, Brevan Howard Capital Management LP acquired a new position in Starbucks in the fourth quarter valued at approximately $2,781,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold 10,750 shares of company stock valued at $878,893 in the last three months. Corporate insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of research analyst reports. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Stifel Nicolaus reduced their price objective on Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, May 1st. TD Cowen reiterated a “hold” rating and issued a $85.00 price objective on shares of Starbucks in a research note on Thursday, June 13th. JPMorgan Chase & Co. reduced their price objective on Starbucks from $100.00 to $92.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Finally, William Blair cut Starbucks from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Seventeen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $94.54.

Starbucks Price Performance

NASDAQ SBUX opened at $77.13 on Tuesday. The firm has a market capitalization of $87.37 billion, a P/E ratio of 21.25, a P/E/G ratio of 1.70 and a beta of 0.94. Starbucks Co. has a 1-year low of $71.80 and a 1-year high of $107.66. The business’s 50-day simple moving average is $79.66 and its 200-day simple moving average is $87.95.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 earnings per share. On average, equities research analysts expect that Starbucks Co. will post 3.59 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Starbucks 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.