Jennison Associates LLC Takes $817.76 Million Position in Starbucks Corporation (NASDAQ:SBUX)

Jennison Associates LLC purchased a new stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,336,826 shares of the coffee company's stock, valued at approximately $817,759,000. Jennison Associates LLC owned about 0.73% of Starbucks at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Alexander Labrunerie & CO. Inc. lifted its holdings in Starbucks by 3.5% in the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after buying an additional 122 shares during the period. Markel Group Inc. boosted its stake in shares of Starbucks by 1.1% in the 1st quarter. Markel Group Inc. now owns 623,818 shares of the coffee company's stock worth $61,190,000 after buying an additional 6,500 shares during the last quarter. Mystic Asset Management Inc. lifted its position in Starbucks by 427.8% during the first quarter. Mystic Asset Management Inc. now owns 14,066 shares of the coffee company's stock valued at $1,380,000 after purchasing an additional 11,401 shares in the last quarter. Forum Financial Management LP lifted its position in shares of Starbucks by 1.7% in the first quarter. Forum Financial Management LP now owns 18,447 shares of the coffee company's stock valued at $1,810,000 after acquiring an additional 308 shares in the last quarter. Finally, Bear Mountain Capital Inc. lifted its position in shares of Starbucks by 62.0% in the first quarter. Bear Mountain Capital Inc. now owns 745 shares of the coffee company's stock valued at $73,000 after acquiring an additional 285 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Sanford C. Bernstein lifted their target price on Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Cowen reissued a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. Royal Bank Of Canada boosted 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. UBS Group cut their target price on Starbucks from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Finally, Baird R W cut Starbucks from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 7th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $98.85.

Starbucks Price Performance

NASDAQ SBUX opened at $93.61 on Friday. The company has a fifty day moving average of $89.95 and a two-hundred day moving average of $94.54. Starbucks Corporation has a 1 year low of $72.73 and a 1 year high of $117.46. The company has a market capitalization of $106.38 billion, a PE ratio of 33.88, a P/E/G ratio of 4.74 and a beta of 1.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). The firm had revenue of $8.76 billion for the quarter, compared to analyst estimates of $8.90 billion. Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The firm's revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.68 EPS. On average, research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.61 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.61%. Starbucks's payout ratio is currently 88.41%.

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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