Starbucks Corporation $SBUX Stock Position Lifted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Starbucks Corporation by 591.9% during the second quarter, acquiring a total of 982,883 shares valued at approximately $90 million.
• Starbucks reported earnings of $0.50 per share for the last quarter, missing analysts' expectations of $0.64, despite revenues climbing to $9.46 billion.
• The company declared a quarterly dividend of $0.61 per share, leading to an annualized dividend of $2.44 with a yield of 2.9%.

Assenagon Asset Management S.A. grew its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 591.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 982,883 shares of the coffee company's stock after buying an additional 840,823 shares during the period. Assenagon Asset Management S.A. owned 0.09% of Starbucks worth $90,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bell Bank increased its position in Starbucks by 24.3% in the second quarter. Bell Bank now owns 5,026 shares of the coffee company's stock worth $461,000 after purchasing an additional 982 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Starbucks in the second quarter worth about $68,595,000. IFM Investors Pty Ltd lifted its stake in Starbucks by 6.0% in the second quarter. IFM Investors Pty Ltd now owns 215,443 shares of the coffee company's stock worth $19,741,000 after acquiring an additional 12,263 shares during the period. Cooper Investors PTY Ltd. purchased a new stake in Starbucks in the second quarter worth about $5,242,000. Finally, Grove Bank & Trust lifted its stake in Starbucks by 62.6% in the second quarter. Grove Bank & Trust now owns 24,983 shares of the coffee company's stock worth $2,289,000 after acquiring an additional 9,618 shares during the period. Institutional investors own 72.29% of the company's stock.

Starbucks Stock Performance

Shares of NASDAQ:SBUX traded down $0.08 during midday trading on Tuesday, reaching $85.21. 5,484,148 shares of the company's stock traded hands, compared to its average volume of 10,278,309. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The company has a market cap of $96.86 billion, a P/E ratio of 36.77, a PEG ratio of 5.05 and a beta of 1.00. The company has a fifty day simple moving average of $89.17 and a two-hundred day simple moving average of $89.33.

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). The company had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The firm's revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 EPS. As a group, research analysts forecast that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SBUX shares. 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 report on Wednesday, July 30th. Piper Sandler set a $105.00 target price on shares of Starbucks and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Loop Capital set a $165.00 price objective on shares of Starbucks in a report on Tuesday, August 12th. Morgan Stanley restated an "overweight" rating and set a $103.00 price objective (up previously from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. Finally, Barclays upped their price objective on shares of Starbucks from $106.00 to $115.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Starbucks currently has an average rating of "Moderate Buy" and a consensus price target 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.