Starbucks Corporation $SBUX Position Decreased by T. Rowe Price Investment Management Inc.

Key Points

• T. Rowe Price Investment Management Inc. has significantly reduced its stake in Starbucks by 57.9%, now holding approximately 0.06% of the company, valued at around $62.5 million.
• Starbucks posted a quarterly earnings miss of $0.50 EPS, falling short of analysts' expectations, while revenue was up 3.8% year-over-year at $9.46 billion.
• The company has announced a quarterly dividend of $0.61 per share, resulting in an annualized yield of 2.8%, despite a high dividend payout ratio of 105.17%.

T. Rowe Price Investment Management Inc. decreased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 57.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 637,467 shares of the coffee company's stock after selling 875,970 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 0.06% of Starbucks worth $62,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Breed s Hill Capital LLC bought a new position in shares of Starbucks during the 1st quarter valued at about $202,000. Level Four Advisory Services LLC boosted its position in shares of Starbucks by 4.9% during the 1st quarter. Level Four Advisory Services LLC now owns 69,128 shares of the coffee company's stock valued at $6,781,000 after purchasing an additional 3,199 shares in the last quarter. Tradition Wealth Management LLC acquired a new position in shares of Starbucks in the first quarter worth about $210,000. Venture Visionary Partners LLC boosted its holdings in shares of Starbucks by 4.2% in the first quarter. Venture Visionary Partners LLC now owns 25,320 shares of the coffee company's stock worth $2,484,000 after buying an additional 1,020 shares during the period. Finally, Credit Agricole S A boosted its holdings in shares of Starbucks by 132.2% in the first quarter. Credit Agricole S A now owns 416,885 shares of the coffee company's stock worth $40,892,000 after buying an additional 237,371 shares during the period. Institutional investors own 72.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SBUX shares. The Goldman Sachs Group reiterated a "neutral" rating and issued a $95.00 target price (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. JPMorgan Chase & Co. raised their target price on shares of Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Barclays raised their target price on shares of Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Loop Capital set a $165.00 target price on shares of Starbucks in a report on Tuesday, August 12th. Finally, Wall Street Zen cut shares of Starbucks from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Stock Down 0.2%

SBUX stock opened at $88.38 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The company has a market cap of $100.46 billion, a price-to-earnings ratio of 38.09, a PEG ratio of 5.26 and a beta of 1.02. The company has a 50 day moving average of $92.49 and a two-hundred day moving average of $93.54.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its 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 36.23% and a net margin of 7.18%.The company had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same quarter in the previous year, the company earned $0.93 EPS. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Dividend Announcement

The business 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. The ex-dividend date is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.8%. Starbucks's dividend payout ratio is presently 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.

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