Amundi Reduces Stock Position in Starbucks Corporation $SBUX

Key Points

• Amundi has decreased its stake in Starbucks Corporation by 24.1%, selling over 1.15 million shares and now holds approximately 3.62 million shares, valued at $354.99 million.
• In the first quarter, other institutional investors such as Nuveen LLC and Goldman Sachs Group Inc. increased their positions in Starbucks, contributing to a total institutional ownership of 72.29%.
• Starbucks reported disappointing quarterly earnings with $0.50 EPS, falling short of the consensus estimate of $0.64, despite revenue rising by 3.8% year-over-year to $9.46 billion.

Amundi cut its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 24.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,619,045 shares of the coffee company's stock after selling 1,151,819 shares during the period. Amundi owned approximately 0.32% of Starbucks worth $354,992,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in Starbucks in the 1st quarter worth about $1,379,619,000. Jennison Associates LLC purchased a new stake in Starbucks in the 1st quarter worth about $817,759,000. Polen Capital Management LLC purchased a new stake in Starbucks in the 1st quarter worth about $503,539,000. Goldman Sachs Group Inc. raised its position 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 purchasing an additional 3,589,537 shares during the period. Finally, Wellington Management Group LLP raised its position 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 purchasing an additional 3,545,655 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Performance

NASDAQ:SBUX opened at $87.25 on Thursday. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The firm has a market cap of $99.18 billion, a P/E ratio of 37.61, a P/E/G ratio of 5.23 and a beta of 1.00. The firm has a 50-day simple moving average of $91.77 and a 200-day simple moving average of $92.19.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the firm posted $0.93 EPS. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a $0.61 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.8%. Starbucks's payout ratio is currently 105.17%.

Analyst Upgrades and Downgrades

SBUX has been the topic of a number of recent analyst reports. TD Securities reissued a "hold" rating and issued a $90.00 price objective on shares of Starbucks in a research report on Monday, June 23rd. Wells Fargo & Company increased their price objective 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. Royal Bank Of Canada lifted their price objective on shares of Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Wall Street Zen lowered shares of Starbucks from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, TD Cowen lifted their price objective on shares of Starbucks from $90.00 to $95.00 and gave the company a "hold" rating in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Starbucks has an average rating of "Moderate Buy" and a consensus target price of $104.40.

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.

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