Comerica Bank Acquires $82.56 Million Stake in Starbucks Corporation

In a significant investment move, Comerica Bank has initiated a new position in Starbucks Corporation (NASDAQ:SBUX), buying 833,446 shares during the second quarter of the financial year. This strategic purchase has positioned the bank to own approximately 0.07% of the globally recognized coffee chain, with an estimated value of $82.56 million, as per the latest reports filed with the Securities & Exchange Commission.

Investment Activities in Starbucks

The transaction by Comerica Bank follows a trend of similar activities by other hedge funds and investment entities. Quilter Plc secured a new stake valued at around $208.53 million in the initial quarter, and Freedom Wealth Alliance LLC, along with WFA of San Diego LLC and Moser Wealth Advisors LLC, made smaller new stakes in the fourth and second quarters respectively. Solstein Capital LLC notably increased their holdings by 67.4% in the second quarter, now owning 318 shares.

Starbucks’ Market Performance

Starbucks’ stock opened at a price of $97.84 on a recent trading day, hovering around a fifty-day moving average of $98.24 and a two-hundred-day average of $98.20. The company has noted both low and high stock prices in the year, touching $89.21 at its lowest and peaking at $115.48. With a market capitalization of over $111 billion, the company sustains a PE ratio of 27.33 and a beta of 0.97.

Recent Earnings and Dividends

Starbucks reported a quarterly earnings surpassing expectations at $1.06 per share, over the market prediction of $0.97. The company's quarterly revenue rose 11.4% compared to the previous year, with sustainably high net margins. The coffee giant plans to pay out a quarterly dividend of $0.57 per share, maintaining a 63.69% dividend payout ratio.

Analysts and Insider Perspectives

Stock analysts have given Starbucks a mixed set of reviews, with price targets ranging and overall maintaining a 'Moderate Buy' consensus. Notably, insider transactions reveal sales of company stock by executives such as EVP Sara Kelly and CFO Rachel Ruggeri, including specific transaction values and remaining stock holdings.

Company Profile

Starbucks Corporation operates as a prominent coffee roaster, marketer, and retailer worldwide, with an extensive presence through its numerous segments. The company’s offerings include a variety of coffee and tea beverages, food items, and related products distributed across global markets.

Comerica, Starbucks, Investment