Starbucks Corporation $SBUX Holdings Reduced by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its holdings in Starbucks by 2.8%, selling 82,349 shares, now owning approximately 2,829,338 shares valued at $277.5 million.
• Several institutional investors have shown interest in Starbucks, with 72.29% of its stock currently owned by these investors and hedge funds, including new positions from University of Texas AM Investment Management Co. and Hughes Financial Services LLC.
• Starbucks reported earnings per share of $0.50 for the last quarter, missing estimates, but achieved revenues of $9.46 billion, exceeding expectations and reflecting a 3.8% year-over-year increase.

Alliancebernstein L.P. decreased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 2.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,829,338 shares of the coffee company's stock after selling 82,349 shares during the quarter. Alliancebernstein L.P. owned about 0.25% of Starbucks worth $277,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Nuveen LLC acquired a new position in Starbucks in the 1st quarter worth $1,379,619,000. Jennison Associates LLC acquired a new position in Starbucks in the 1st quarter worth $817,759,000. Polen Capital Management LLC acquired a new position in Starbucks in the 1st quarter worth $503,539,000. Goldman Sachs Group Inc. lifted its holdings in Starbucks by 59.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock worth $943,948,000 after buying an additional 3,589,537 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Starbucks by 22.3% in the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock worth $1,904,366,000 after buying an additional 3,545,655 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded down $1.58 during trading on Friday, reaching $85.43. 9,037,892 shares of the company's stock traded hands, compared to its average volume of 7,728,275. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The company has a 50 day moving average of $91.54 and a 200-day moving average of $91.83. The stock has a market capitalization of $97.11 billion, a P/E ratio of 36.82, a price-to-earnings-growth ratio of 5.09 and a beta of 1.00.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the prior year, the company earned $0.93 EPS. Starbucks's quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a $0.61 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.9%. Starbucks's dividend payout ratio is 105.17%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $100.00 to $115.00 in a report on Tuesday, August 12th. Wells Fargo & Company boosted their target price on shares of Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Loop Capital set a $165.00 target price on shares of Starbucks in a research report on Tuesday, August 12th. Stifel Nicolaus boosted their target price on shares of Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Company 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.