Matrix Asset Advisors Inc. NY Invests $8.86 Million in Starbucks Co. (NASDAQ:SBUX)

Matrix Asset Advisors Inc. NY bought a new position in Starbucks Co. (NASDAQ:SBUXGet Rating) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 115,924 shares of the coffee company’s stock, valued at approximately $8,855,000.

Other hedge funds also recently made changes to their positions in the company. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Starbucks by 2.0% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 55,451 shares of the coffee company’s stock valued at $6,487,000 after buying an additional 1,072 shares in the last quarter. Mutual Advisors LLC boosted its holdings in shares of Starbucks by 3.2% during the 4th quarter. Mutual Advisors LLC now owns 20,993 shares of the coffee company’s stock worth $2,456,000 after buying an additional 652 shares during the period. Clearstead Advisors LLC boosted its holdings in shares of Starbucks by 19.4% during the 4th quarter. Clearstead Advisors LLC now owns 11,246 shares of the coffee company’s stock worth $1,315,000 after buying an additional 1,827 shares during the period. Summit Global Investments boosted its holdings in Starbucks by 65.2% in the 4th quarter. Summit Global Investments now owns 6,233 shares of the coffee company’s stock valued at $729,000 after purchasing an additional 2,459 shares during the period. Finally, King Street Capital Management L.P. bought a new stake in Starbucks in the 4th quarter valued at $1,743,000. Institutional investors and hedge funds own 67.97% of the company’s stock.

Insider Activity at Starbucks

In related news, EVP Zabrina Jenkins sold 4,020 shares of the business’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $93.00, for a total value of $373,860.00. Following the sale, the executive vice president now directly owns 36,337 shares in the company, valued at approximately $3,379,341. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Starbucks news, EVP Zabrina Jenkins sold 4,020 shares of Starbucks stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $93.00, for a total transaction of $373,860.00. Following the completion of the transaction, the executive vice president now owns 36,337 shares of the company’s stock, valued at approximately $3,379,341. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mellody L. Hobson bought 54,750 shares of Starbucks stock in a transaction on Thursday, September 15th. The shares were bought at an average cost of $92.58 per share, with a total value of $5,068,755.00. Following the acquisition, the director now directly owns 433,254 shares in the company, valued at $40,110,655.32. The disclosure for this purchase can be found here. 0.27% of the stock is currently owned by company insiders.

Starbucks Stock Performance

SBUX traded down $0.60 during mid-day trading on Friday, reaching $84.10. 109,314 shares of the stock were exchanged, compared to its average volume of 8,858,840. The stock has a market capitalization of $96.50 billion, a PE ratio of 23.86, a price-to-earnings-growth ratio of 2.39 and a beta of 0.94. Starbucks Co. has a 1 year low of $68.39 and a 1 year high of $117.80. The company has a 50 day moving average price of $86.02 and a two-hundred day moving average price of $81.48.

Starbucks (NASDAQ:SBUXGet Rating) last released its earnings results on Tuesday, August 2nd. The coffee company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.07. The company had revenue of $8.15 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Starbucks had a negative return on equity of 47.28% and a net margin of 13.03%. During the same period in the previous year, the business posted $1.01 EPS. Sell-side analysts expect that Starbucks Co. will post 2.88 EPS for the current fiscal year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Thursday, August 11th. Starbucks’s dividend payout ratio is currently 55.21%.

Analysts Set New Price Targets

A number of equities research analysts have commented on SBUX shares. Robert W. Baird increased their price objective on shares of Starbucks from $86.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, September 14th. Piper Sandler raised their target price on shares of Starbucks from $84.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, September 16th. UBS Group raised their target price on shares of Starbucks from $82.00 to $87.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Stephens assumed coverage on shares of Starbucks in a research note on Thursday. They issued an “equal weight” rating and a $91.00 target price on the stock. Finally, Sanford C. Bernstein started coverage on shares of Starbucks in a research note on Wednesday, September 7th. They set a “market perform” rating and a $94.00 price objective on the stock. Sixteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Starbucks has an average rating of “Hold” and a consensus price target of $103.50.

About Starbucks

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Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.

Further Reading

Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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