New York State Teachers Retirement System Sells 13,097 Shares of Starbucks Corporation $SBUX

Key Points

• The New York State Teachers Retirement System reduced its stake in Starbucks Corporation by 1.4%, owning about 912,543 shares valued at approximately $83.6 million after selling 13,097 shares.
• Starbucks reported earnings of $0.50 per share, missing analyst estimates, but showed a 3.8% increase in revenue to $9.46 billion year-over-year.
• The company announced a quarterly dividend increase to $0.62 per share, with an annualized dividend yield of 3.0% for investors of record by November 14th.

New York State Teachers Retirement System cut its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 912,543 shares of the coffee company's stock after selling 13,097 shares during the period. New York State Teachers Retirement System owned about 0.08% of Starbucks worth $83,616,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised 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 valued at $10,991,923,000 after purchasing an additional 953,361 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock valued at $1,904,366,000 after purchasing an additional 3,545,655 shares in the last quarter. Nuveen LLC bought a new position in shares of Starbucks during the first quarter valued at about $1,379,619,000. Goldman Sachs Group Inc. lifted its position in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock valued at $943,948,000 after purchasing an additional 3,589,537 shares in the last quarter. Finally, Jennison Associates LLC bought a new position in shares of Starbucks during the first quarter valued at about $817,759,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of recent analyst reports. UBS Group raised their price target on shares of Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Wells Fargo & Company raised their price target on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. CICC Research initiated coverage on Starbucks in a research note on Monday, June 30th. They set an "outperform" rating and a $100.00 target price on the stock. BMO Capital Markets reiterated an "outperform" rating and set a $115.00 target price (up from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. Finally, Stifel Nicolaus lifted their target price on Starbucks from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $102.96.

Starbucks Price Performance

NASDAQ SBUX opened at $82.86 on Thursday. The stock has a market capitalization of $94.19 billion, a price-to-earnings ratio of 35.72, a PEG ratio of 4.01 and a beta of 1.01. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The business's fifty day moving average is $85.99 and its 200-day moving average is $87.67.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced 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 firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same period last year, the business posted $0.93 EPS. The company's revenue was up 3.8% compared to the same quarter last year. Research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.62 dividend. This is an increase from Starbucks's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 annualized dividend and a yield of 3.0%. Starbucks's payout ratio is 105.17%.

Starbucks 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.

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.