Mizuho Securities USA LLC Reduces Stock Position in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Mizuho Securities USA LLC reduced its stake in Starbucks by 15.3% in the first quarter, holding 90,951 shares valued at approximately $8.92 million.
• Starbucks reported an earnings per share (EPS) of $0.50, missing analysts' expectations of $0.64, despite revenue of $9.46 billion exceeding estimates.
• The company announced a quarterly dividend of $0.61 per share, resulting in a 2.6% dividend yield, with a payout ratio of 105.17%.

Mizuho Securities USA LLC lessened its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 15.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,951 shares of the coffee company's stock after selling 16,479 shares during the quarter. Mizuho Securities USA LLC's holdings in Starbucks were worth $8,921,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Pandora Wealth Inc. purchased a new position in Starbucks during the 1st quarter valued at approximately $92,000. Sierra Summit Advisors LLC boosted its holdings in shares of Starbucks by 6.5% in the 1st quarter. Sierra Summit Advisors LLC now owns 10,548 shares of the coffee company's stock worth $1,035,000 after purchasing an additional 648 shares during the period. Fiduciary Family Office LLC purchased a new position in shares of Starbucks in the 1st quarter worth approximately $485,000. True North Advisors LLC boosted its holdings in shares of Starbucks by 2.6% in the 1st quarter. True North Advisors LLC now owns 5,145 shares of the coffee company's stock worth $505,000 after purchasing an additional 132 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its holdings in shares of Starbucks by 4.1% in the 1st quarter. Frank Rimerman Advisors LLC now owns 17,496 shares of the coffee company's stock worth $1,716,000 after purchasing an additional 697 shares during the period. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Trading Up 1.2%

Shares of NASDAQ:SBUX traded up $1.10 on Friday, reaching $92.12. The company had a trading volume of 8,032,266 shares, compared to its average volume of 11,662,578. Starbucks Corporation has a 52-week low of $74.75 and a 52-week high of $117.46. The firm's 50 day simple moving average is $92.27 and its 200-day simple moving average is $94.37. The firm has a market capitalization of $104.71 billion, a PE ratio of 39.71, a PEG ratio of 5.25 and a beta of 1.02.

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

Starbucks Announces Dividend

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 paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 15th. Starbucks's payout ratio is 105.17%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Stifel Nicolaus lifted their target price on Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Bank of America lifted their target price on Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Robert W. Baird lifted their target price on Starbucks from $88.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. UBS Group lifted their target price on Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Finally, Wall Street Zen cut Starbucks from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus 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.