Erste Asset Management GmbH Sells 467,700 Shares of Starbucks Corporation $SBUX

Key Points

• Erste Asset Management GmbH significantly reduced its holdings in Starbucks, selling 467,700 shares and retaining only 17,450 shares, representing a 96.4% decrease in their stake.
• Starbucks reported earnings of $0.50 per share, falling short of the expected $0.64, while revenue for the quarter reached $9.46 billion, surpassing analysts' expectations.
• The company recently declared a quarterly dividend of $0.61 per share, with an annualized dividend yield of 2.8%, despite a payout ratio of 105.17%.

Erste Asset Management GmbH lowered its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 96.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,450 shares of the coffee company's stock after selling 467,700 shares during the quarter. Erste Asset Management GmbH's holdings in Starbucks were worth $1,585,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. University of Texas Texas AM Investment Management Co. purchased a new stake in Starbucks in the fourth quarter worth approximately $25,000. Hughes Financial Services LLC purchased a new stake in Starbucks in the first quarter worth approximately $27,000. McClarren Financial Advisors Inc. purchased a new stake in Starbucks in the first quarter worth approximately $29,000. Kapitalo Investimentos Ltda purchased a new stake in Starbucks in the fourth quarter worth approximately $32,000. Finally, Ball & Co Wealth Management Inc. purchased a new position in shares of Starbucks during the 4th quarter worth $41,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Starbucks from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Morgan Stanley reiterated an "overweight" rating and set a $103.00 price target (up previously from $95.00) on shares of Starbucks in a research note on Wednesday, July 30th. Sanford C. Bernstein lifted their price target on shares of Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, BMO Capital Markets reiterated an "outperform" rating and set a $115.00 price target (up previously from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $104.40.

Starbucks Trading Down 0.2%

Starbucks stock traded down $0.18 during mid-day trading on Friday, hitting $88.38. The stock had a trading volume of 7,616,993 shares, compared to its average volume of 11,548,302. The firm has a market capitalization of $100.46 billion, a P/E ratio of 38.09, a P/E/G ratio of 5.25 and a beta of 1.02. The firm's 50 day moving average is $92.49 and its 200 day moving average is $93.41. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46.

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

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.61 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.8%. Starbucks's payout ratio is presently 105.17%.

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.