Public Sector Pension Investment Board Acquires 12,851 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• The Public Sector Pension Investment Board increased its stake in Starbucks by 9.1%, acquiring an additional 12,851 shares during the first quarter, bringing its total holdings to 154,577 shares valued at approximately $15.16 million.
• Starbucks announced a quarterly dividend of $0.61 per share, reflecting an annualized dividend of $2.44 and a yield of 2.6%, with the payment scheduled for August 29th.
• Despite a revenue increase of 3.8% year-over-year, Starbucks missed earnings estimates, reporting $0.50 EPS compared to the expected $0.64 EPS for the last quarter.

Public Sector Pension Investment Board grew its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 9.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 154,577 shares of the coffee company's stock after acquiring an additional 12,851 shares during the quarter. Public Sector Pension Investment Board's holdings in Starbucks were worth $15,162,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. AIA Group Ltd increased its stake in shares of Starbucks by 22.9% in the first quarter. AIA Group Ltd now owns 111,477 shares of the coffee company's stock valued at $10,935,000 after buying an additional 20,760 shares during the period. Motley Fool Asset Management LLC increased its stake in shares of Starbucks by 2.4% in the first quarter. Motley Fool Asset Management LLC now owns 52,840 shares of the coffee company's stock valued at $5,183,000 after buying an additional 1,215 shares during the period. Meridian Wealth Management LLC increased its stake in shares of Starbucks by 62.2% in the first quarter. Meridian Wealth Management LLC now owns 18,254 shares of the coffee company's stock valued at $1,791,000 after buying an additional 7,000 shares during the period. Independent Advisor Alliance increased its position in Starbucks by 21.4% during the 1st quarter. Independent Advisor Alliance now owns 29,798 shares of the coffee company's stock valued at $2,923,000 after purchasing an additional 5,246 shares during the period. Finally, Cove Private Wealth LLC increased its position in Starbucks by 19.0% during the 1st quarter. Cove Private Wealth LLC now owns 3,452 shares of the coffee company's stock valued at $339,000 after purchasing an additional 550 shares during the period. Institutional investors own 72.29% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Evercore ISI restated an "outperform" rating and set a $105.00 price target (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Royal Bank Of Canada lifted their price objective on Starbucks from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Guggenheim raised their target price on Starbucks from $79.00 to $90.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Wall Street Zen downgraded Starbucks from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Cowen restated a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $104.19.

Starbucks Trading Up 1.8%

SBUX opened at $93.37 on Wednesday. The stock has a fifty day simple moving average of $92.53 and a two-hundred day simple moving average of $94.31. The company has a market cap of $106.13 billion, a price-to-earnings ratio of 40.25, a price-to-earnings-growth ratio of 5.23 and a beta of 1.02. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings data 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 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 the consensus estimate of $9.29 billion. During the same quarter last year, the company posted $0.93 EPS. Starbucks's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

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 paid a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's dividend payout ratio is currently 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.

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.