Assetmark Inc. Increases Position in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Assetmark Inc. increased its stake in Starbucks Corporation by 8.7%, acquiring an additional 15,688 shares, bringing its total holdings to 195,160 shares worth approximately $19.14 million.
• Starbucks recently reported earnings per share (EPS) of $0.41 for the quarter, which missed analyst expectations by $0.10, alongside revenue of $8.76 billion, below estimates of $8.90 billion.
• The company declared a quarterly dividend of $0.61 per share, with a dividend yield of 2.58%, scheduled to be paid on August 29th, 2023.

Assetmark Inc. increased its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 8.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 195,160 shares of the coffee company's stock after acquiring an additional 15,688 shares during the period. Assetmark Inc.'s holdings in Starbucks were worth $19,143,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Capital World Investors boosted its stake in shares of Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after acquiring an additional 9,174,682 shares during the period. Jennison Associates LLC bought a new position in shares of Starbucks in the first quarter worth about $817,759,000. FMR LLC boosted its stake in shares of Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company's stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares during the period. Capital Research Global Investors lifted its position in shares of Starbucks by 167.6% in the fourth quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company's stock worth $519,230,000 after buying an additional 3,563,942 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Starbucks by 218.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,552,921 shares of the coffee company's stock worth $446,596,000 after buying an additional 3,124,533 shares in the last quarter. Institutional investors own 72.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wells Fargo & Company decreased their target price on Starbucks from $125.00 to $100.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group cut shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price objective for the company. in a research note on Thursday, July 17th. Barclays dropped their price objective on shares of Starbucks from $108.00 to $106.00 and set an "overweight" rating for the company in a research note on Thursday, July 17th. Royal Bank Of Canada lifted their price objective on shares of Starbucks from $95.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen downgraded Starbucks from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $98.58.

Starbucks Stock Performance

SBUX traded down $0.75 during trading on Monday, hitting $93.67. 10,322,074 shares of the stock were exchanged, compared to its average volume of 10,288,970. The firm has a 50 day simple moving average of $91.05 and a 200 day simple moving average of $94.66. The firm has a market cap of $106.45 billion, a price-to-earnings ratio of 33.94, a P/E/G ratio of 6.55 and a beta of 1.02. Starbucks Corporation has a 1 year low of $72.72 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). The firm had revenue of $8.76 billion for the quarter, compared to analysts' expectations of $8.90 billion. Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The company's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.68 earnings per share. As a group, equities analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.61 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.60%. Starbucks's dividend payout ratio is presently 88.41%.

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.