Starbucks Corporation (NASDAQ:SBUX) Stock Position Lowered by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Starbucks Corporation by 8.4%, owning 383,864 shares valued at approximately $37.65 million after selling 35,318 shares.
• Starbucks reported earnings of $0.50 per share for the quarter, falling short of the expected $0.64, despite a 3.8% year-over-year revenue increase to $9.46 billion.
• The company recently declared a quarterly dividend of $0.61 per share with a yield of 2.6%, although its payout ratio has reached 105.17%.

State of New Jersey Common Pension Fund D lowered its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 8.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 383,864 shares of the coffee company's stock after selling 35,318 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Starbucks were worth $37,653,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Starbucks by 0.9% during the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock valued at $10,991,923,000 after purchasing an additional 953,361 shares during the last quarter. Capital World Investors raised its holdings in Starbucks by 20.1% during the 4th quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after buying an additional 9,174,682 shares during the period. Nuveen LLC purchased a new stake in Starbucks during the first quarter valued at about $1,379,619,000. Northern Trust Corp raised its holdings in shares of Starbucks by 4.6% during the fourth quarter. Northern Trust Corp now owns 13,573,337 shares of the coffee company's stock valued at $1,238,567,000 after acquiring an additional 600,151 shares during the period. Finally, Capital International Investors lifted its position in shares of Starbucks by 2.7% in the 4th quarter. Capital International Investors now owns 10,191,918 shares of the coffee company's stock valued at $929,898,000 after acquiring an additional 267,736 shares in the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. UBS Group lifted their price target on Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. CICC Research initiated coverage on Starbucks in a research report on Monday, June 30th. They set an "outperform" rating and a $100.00 price objective for the company. Sanford C. Bernstein upped their target price on Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $115.00 price objective (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Starbucks has a consensus rating of "Hold" and an average price target of $103.65.

Starbucks Stock Performance

NASDAQ:SBUX opened at $93.06 on Friday. The firm's 50-day moving average is $92.78 and its 200-day moving average is $94.26. The company has a market cap of $105.78 billion, a price-to-earnings ratio of 40.11, a PEG ratio of 5.37 and a beta of 1.02. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46.

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 (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. Equities analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's payout ratio is 105.17%.

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.

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