Resona Asset Management Co. Ltd. Purchases 27,126 Shares of Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Starbucks by 8.4%, acquiring an additional 27,126 shares to reach a total of 350,984 shares valued at $34.4 million.
• Multiple institutional investors, including Vanguard Group and Capital World Investors, have also recently adjusted their stakes in Starbucks, with significant increases from several funds.
• Starbucks reported earnings of $0.50 per share for the last quarter, missing analysts' expectations, while also announcing a $0.61 quarterly dividend with a yield of 2.7%.

Resona Asset Management Co. Ltd. raised its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 8.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 350,984 shares of the coffee company's stock after purchasing an additional 27,126 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Starbucks were worth $34,409,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. acquired a new position in Starbucks during the 4th quarter valued at about $25,000. Hughes Financial Services LLC acquired a new position in Starbucks during the 1st quarter valued at about $27,000. McClarren Financial Advisors Inc. acquired a new position in Starbucks during the 1st quarter valued at about $29,000. Kapitalo Investimentos Ltda acquired a new position in Starbucks during the 4th quarter valued at about $32,000. Finally, Ball & Co Wealth Management Inc. acquired a new position in Starbucks during the 4th quarter valued at about $41,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of SBUX traded up $0.81 during mid-day trading on Wednesday, hitting $94.18. 6,490,754 shares of the company's stock were exchanged, compared to its average volume of 11,890,718. The company has a market cap of $107.05 billion, a PE ratio of 40.60, a P/E/G ratio of 5.32 and a beta of 1.02. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The company has a 50-day simple moving average of $92.65 and a 200 day simple moving average of $94.31.

Starbucks (NASDAQ:SBUX - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%. Starbucks's revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.93 earnings per share. On average, analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The company 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 $0.61 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.6%. Starbucks's dividend payout ratio (DPR) is currently 105.17%.

Analyst Ratings Changes

A number of analysts recently weighed in on SBUX shares. BMO Capital Markets reiterated an "outperform" rating and issued a $115.00 price target (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Jefferies Financial Group downgraded shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price target on the stock. in a research report on Thursday, July 17th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $95.00 price target (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. Robert W. Baird upgraded shares of Starbucks from a "neutral" rating to an "outperform" rating and increased their price target for the company from $100.00 to $115.00 in a research report on Tuesday. Finally, UBS Group increased 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. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $104.19.

Starbucks Company 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.