Starbucks Corporation (NASDAQ:SBUX) Shares Acquired by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd has increased its stake in Starbucks Corporation by 13.1%, now holding 75,761 shares valued at approximately $7.43 million.
• Starbucks reported earnings of $0.41 per share during its latest quarter, missing expectations by $0.10, with a net revenue of $8.76 billion.
• The company announced a quarterly dividend of $0.61 per share, which will be distributed on August 29th, representing an annualized yield of 2.60%.

Harvest Fund Management Co. Ltd raised its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,761 shares of the coffee company's stock after purchasing an additional 8,790 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Starbucks were worth $7,430,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Capital World Investors raised its holdings in shares of Starbucks by 20.1% in the 4th quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after purchasing an additional 9,174,682 shares during the period. FMR LLC raised its holdings in shares of Starbucks by 27.0% in the 4th quarter. FMR LLC now owns 25,128,649 shares of the coffee company's stock worth $2,292,989,000 after purchasing an additional 5,348,790 shares during the period. Geode Capital Management LLC raised its holdings in shares of Starbucks by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 24,826,001 shares of the coffee company's stock worth $2,259,516,000 after purchasing an additional 548,245 shares during the period. Wellington Management Group LLP raised its holdings in shares of Starbucks by 4.7% in the 4th quarter. Wellington Management Group LLP now owns 15,868,817 shares of the coffee company's stock worth $1,448,030,000 after purchasing an additional 718,880 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Starbucks by 4.6% in the 4th quarter. Northern Trust Corp now owns 13,573,337 shares of the coffee company's stock worth $1,238,567,000 after purchasing an additional 600,151 shares during the period. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Down 0.2%

SBUX stock traded down $0.20 during trading on Wednesday, reaching $92.76. 44,752,029 shares of the company's stock were exchanged, compared to its average volume of 7,787,691. Starbucks Corporation has a 1-year low of $72.72 and a 1-year high of $117.46. The company's fifty day moving average price is $91.57 and its 200-day moving average price is $94.65. The firm has a market cap of $105.41 billion, a PE ratio of 39.98, a P/E/G ratio of 6.43 and a beta of 1.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings results 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 36.43% and a net margin of 7.18%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same quarter last year, the firm posted $0.93 EPS. The company's revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.63%. Starbucks's dividend payout ratio is presently 88.41%.

Analysts Set New Price Targets

Several equities research analysts recently commented on SBUX shares. Robert W. Baird raised their target price on Starbucks from $88.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday. TD Securities restated a "hold" rating and set a $90.00 price objective on shares of Starbucks in a report on Monday, June 23rd. UBS Group lifted their price objective on Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday. Wells Fargo & Company lifted their price objective on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, CICC Research started coverage on Starbucks in a report on Monday, June 30th. They set an "outperform" rating and a $100.00 price objective on the stock. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $101.00.

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.