Starbucks Corporation $SBUX Stock Holdings Trimmed by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. has sold 326,742 shares of Starbucks Corporation, reducing its holdings by 2.3% to approximately 13.9 million shares worth about $1.36 billion.
• Several analysts have raised their price targets for Starbucks, with Barclays setting a new target at $115.00 and Bank of America at $110.00, while the average price target is currently $104.40.
• Starbucks announced a quarterly dividend of $0.61 per share, which will be paid on August 29, reflecting an annualized yield of 2.8%.

Price T Rowe Associates Inc. MD reduced its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 2.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,902,707 shares of the coffee company's stock after selling 326,742 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 1.22% of Starbucks worth $1,363,717,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. PGIM Custom Harvest LLC increased its stake in shares of Starbucks by 66.3% during the 1st quarter. PGIM Custom Harvest LLC now owns 3,949 shares of the coffee company's stock valued at $387,000 after acquiring an additional 1,574 shares during the last quarter. Knollwood Investment Advisory LLC grew its holdings in Starbucks by 265.8% in the first quarter. Knollwood Investment Advisory LLC now owns 12,661 shares of the coffee company's stock valued at $1,242,000 after purchasing an additional 9,200 shares during the period. Breed s Hill Capital LLC acquired a new position in Starbucks during the first quarter worth approximately $202,000. Level Four Advisory Services LLC raised its stake in Starbucks by 4.9% during the first quarter. Level Four Advisory Services LLC now owns 69,128 shares of the coffee company's stock worth $6,781,000 after purchasing an additional 3,199 shares during the period. Finally, Tradition Wealth Management LLC acquired a new position in shares of Starbucks in the 1st quarter valued at $210,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Trading Down 0.2%

NASDAQ:SBUX traded down $0.18 during trading hours on Friday, hitting $88.38. The stock had a trading volume of 7,616,993 shares, compared to its average volume of 11,548,302. The company has a market cap of $100.46 billion, a PE ratio of 38.09, a price-to-earnings-growth ratio of 5.25 and a beta of 1.02. The business has a 50 day simple moving average of $92.49 and a two-hundred day simple moving average of $93.29. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.93 EPS. Research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's dividend payout ratio is presently 105.17%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Starbucks from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Royal Bank Of Canada lifted their target price on Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. BMO Capital Markets restated an "outperform" rating and issued a $115.00 price objective (up from $100.00) on shares of Starbucks in a report on Wednesday, July 30th. Wall Street Zen cut Starbucks from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, 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 report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.40.

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.