Mackenzie Financial Corp Reduces Stake in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Mackenzie Financial Corp has reduced its stake in Starbucks Corporation by 56.4%, selling 142,657 shares and holding 110,193 shares worth approximately $10.81 million as of its latest SEC filing.
• Starbucks has reported earnings per share of $0.50 for the last quarter, missing estimates by $0.14, but achieved a revenue of $9.46 billion, exceeding expectations of $9.29 billion.
• The company announced a quarterly dividend of $0.61 per share, with an annualized yield of 2.7%, scheduled to be paid to shareholders on August 29th.

Mackenzie Financial Corp decreased its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 56.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 110,193 shares of the coffee company's stock after selling 142,657 shares during the period. Mackenzie Financial Corp's holdings in Starbucks were worth $10,809,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SBUX. University of Texas Texas AM Investment Management Co. purchased a new stake in Starbucks during the 4th quarter worth about $25,000. Hughes Financial Services LLC purchased a new stake in Starbucks during the 1st quarter worth about $27,000. Kapitalo Investimentos Ltda purchased a new stake in Starbucks during the 4th quarter worth about $32,000. Ball & Co Wealth Management Inc. purchased a new stake in Starbucks during the 4th quarter worth about $41,000. Finally, Accredited Wealth Management LLC bought a new position in Starbucks in the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Price Performance

Shares of SBUX stock opened at $89.16 on Friday. The stock has a market capitalization of $101.32 billion, a PE ratio of 38.43, a P/E/G ratio of 6.54 and a beta of 1.02. Starbucks Corporation has a 1-year low of $72.72 and a 1-year high of $117.46. The business has a 50-day moving average of $91.68 and a 200 day moving average of $94.62.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its quarterly earnings data 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%. The business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same quarter last year, the business posted $0.93 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. Analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders 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 annualized dividend and a yield of 2.7%. Starbucks's dividend payout ratio (DPR) is 105.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wells Fargo & Company upped their target price on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday. TD Securities restated a "hold" rating and issued a $90.00 target price on shares of Starbucks in a research note on Monday, June 23rd. Robert W. Baird upped their target price on Starbucks from $88.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday. Morgan Stanley restated an "overweight" rating and issued a $103.00 target price (up from $95.00) on shares of Starbucks in a research note on Wednesday. Finally, Royal Bank Of Canada upped their target price on Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Starbucks has an average rating of "Hold" and an average price target of $101.27.

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.

Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Corporation (NASDAQ:SBUX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.