Pacer Advisors Inc. Sells 39,401 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Pacer Advisors Inc. sold 39,401 shares of Starbucks Corporation, reducing its stake by 20.8% and leaving it with 150,156 shares worth approximately $14.7 million.
• Starbucks announced a quarterly dividend of $0.61 per share, with an ex-dividend date of August 15th, representing an annualized yield of 2.58%.
• Analysts have mixed ratings on Starbucks, with four sell ratings, eleven holds, and fifteen buy ratings, reflecting a consensus rating of "Hold" and an average target price of $98.58.

Pacer Advisors Inc. cut its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 20.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 150,156 shares of the coffee company's stock after selling 39,401 shares during the period. Pacer Advisors Inc.'s holdings in Starbucks were worth $14,729,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of SBUX. University of Texas Texas AM Investment Management Co. acquired a new position in Starbucks during the fourth quarter valued at approximately $25,000. Hughes Financial Services LLC bought a new stake in Starbucks during the first quarter worth $27,000. Kapitalo Investimentos Ltda bought a new stake in Starbucks during the fourth quarter worth $32,000. Ball & Co Wealth Management Inc. acquired a new stake in Starbucks during the fourth quarter worth about $41,000. Finally, Accredited Wealth Management LLC acquired a new stake in Starbucks during the fourth quarter worth about $44,000. 72.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SBUX. TD Cowen lifted their target price on shares of Starbucks from $90.00 to $95.00 and gave the stock a "hold" rating in a research report on Wednesday. Guggenheim cut their price target on shares of Starbucks from $95.00 to $83.00 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. Royal Bank Of Canada upped their price objective on shares of Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Wednesday. UBS Group upped their price objective on shares of Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Jefferies Financial Group cut shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price objective on the stock. in a research report on Thursday, July 17th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Starbucks has an average rating of "Hold" and a consensus price target of $100.58.

Starbucks Price Performance

Shares of SBUX stock traded down $0.29 during trading hours on Wednesday, reaching $92.67. 21,691,215 shares of the company traded hands, compared to its average volume of 10,433,222. Starbucks Corporation has a 12-month low of $72.72 and a 12-month high of $117.46. The company has a market cap of $105.31 billion, a P/E ratio of 33.60, a P/E/G ratio of 6.48 and a beta of 1.02. The firm has a 50-day moving average price of $91.38 and a 200 day moving average price of $94.66.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Friday, August 15th. Starbucks's dividend 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.