Diamond Hill Capital Management Inc. Sells 770,076 Shares of Starbucks Corporation (NASDAQ:SBUX)

Diamond Hill Capital Management Inc. reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 23.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,487,640 shares of the coffee company's stock after selling 770,076 shares during the quarter. Diamond Hill Capital Management Inc. owned 0.22% of Starbucks worth $244,013,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Starbucks during the fourth quarter worth about $1,244,812,000. Capital World Investors increased its position in Starbucks by 20.1% during the 4th quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after purchasing an additional 9,174,682 shares in the last quarter. Jennison Associates LLC acquired a new stake in Starbucks during the first quarter valued at approximately $817,759,000. FMR LLC lifted its stake in Starbucks by 27.0% during the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company's stock worth $2,292,989,000 after purchasing an additional 5,348,790 shares during the last quarter. Finally, Capital Research Global Investors boosted its holdings in shares of Starbucks by 167.6% in the 4th quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company's stock valued at $519,230,000 after buying an additional 3,563,942 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of SBUX stock traded up $0.72 during trading hours on Friday, reaching $94.42. 7,219,553 shares of the company traded hands, compared to its average volume of 7,933,794. Starbucks Corporation has a 12-month low of $72.72 and a 12-month high of $117.46. The company has a market cap of $107.30 billion, a P/E ratio of 34.21, a P/E/G ratio of 6.50 and a beta of 1.02. The firm has a 50-day moving average price of $90.87 and a 200 day moving average price of $94.63.

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

Starbucks Dividend Announcement

The firm also recently announced 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 2.58%. Starbucks's dividend payout ratio (DPR) is presently 88.41%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SBUX shares. Sanford C. Bernstein boosted their price target on shares of Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. CICC Research initiated coverage on Starbucks in a research note on Monday, June 30th. They set an "outperform" rating and a $100.00 price target for the company. Royal Bank Of Canada lifted their price objective on Starbucks from $95.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 11th. The Goldman Sachs Group reiterated a "neutral" rating and set a $95.00 target price (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. Finally, Baird R W lowered Starbucks from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 7th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Starbucks currently has a consensus rating of "Hold" and an average price target of $98.58.

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.