Mirae Asset Global Investments Co. Ltd. Sells 41,114 Shares of Starbucks Corporation $SBUX

Key Points

• Mirae Asset Global Investments Co. Ltd. sold 41,114 shares of Starbucks, reducing its holdings by 7.8% to a total of 488,543 shares valued at approximately $44.77 million.
• Starbucks' quarterly revenue increased by 3.8% year-over-year, totaling $9.46 billion, despite an EPS miss of $0.50 compared to the consensus estimate of $0.64.
• The company has recently approved a quarterly dividend increase to $0.62, representing an annualized dividend yield of 2.9% while maintaining a payout ratio of 105.17%.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 7.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 488,543 shares of the coffee company's stock after selling 41,114 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Starbucks were worth $44,765,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SBUX. Vanguard Group Inc. lifted its holdings in shares of Starbucks by 0.9% in the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock worth $10,991,923,000 after buying an additional 953,361 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock worth $1,904,366,000 after buying an additional 3,545,655 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Starbucks in the first quarter worth about $1,379,619,000. Goldman Sachs Group Inc. lifted its holdings in shares of Starbucks by 59.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock worth $943,948,000 after buying an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of Starbucks in the first quarter worth about $817,759,000. Institutional investors own 72.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reissued an "outperform" rating and issued a $115.00 price target (up from $100.00) on shares of Starbucks in a report on Wednesday, July 30th. TD Cowen restated a "hold" rating and set a $95.00 target price on shares of Starbucks in a research report on Thursday, September 25th. Bank of America boosted their target price on Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Jefferies Financial Group cut Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price for the company. in a research report on Thursday, July 17th. Finally, BTIG Research set a $105.00 target price on shares of Starbucks in a research note on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Starbucks currently has an average rating of "Moderate Buy" and a consensus price target of $104.00.

Starbucks Stock Up 2.7%

Shares of NASDAQ SBUX opened at $86.72 on Friday. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The firm's fifty day moving average is $87.72 and its 200 day moving average is $88.69. The company has a market cap of $98.57 billion, a price-to-earnings ratio of 37.38, a PEG ratio of 4.15 and a beta of 1.01.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS 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 firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks's previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks's payout ratio is presently 105.17%.

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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