Starbucks Corporation $SBUX Holdings Lifted by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Starbucks Corporation (NASDAQ:SBUX) by 5.7% in Q2, holding 150,350 shares worth approximately $13.8 million.
• Starbucks reported $0.50 EPS for the last quarter, which was below the consensus estimate of $0.64, but its revenue of $9.46 billion exceeded analyst expectations.
• The company has declared a quarterly dividend of $0.61 per share, resulting in a dividend yield of 2.9%, despite having a payout ratio of 105.17%.

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,350 shares of the coffee company's stock after acquiring an additional 8,140 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Starbucks were worth $13,777,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Starbucks in the 4th quarter worth approximately $25,000. Hughes Financial Services LLC acquired a new position in shares of Starbucks in the 1st quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC grew its position in shares of Starbucks by 125.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock worth $28,000 after acquiring an additional 159 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Starbucks in the 1st quarter worth approximately $29,000. Finally, Nova Wealth Management Inc. grew its position in shares of Starbucks by 285.4% in the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company's stock worth $31,000 after acquiring an additional 234 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Price Performance

Shares of SBUX traded up $1.14 during midday trading on Friday, reaching $84.56. The stock had a trading volume of 15,308,130 shares, compared to its average volume of 8,404,650. The company has a market capitalization of $96.12 billion, a P/E ratio of 36.45, a P/E/G ratio of 5.05 and a beta of 1.00. The firm's 50 day moving average price is $89.34 and its 200-day moving average price is $89.59. 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 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). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business's revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 earnings per share. On average, equities analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Friday, August 15th. Starbucks's payout ratio is presently 105.17%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. TD Securities reiterated a "hold" rating and issued a $90.00 target price on shares of Starbucks in a research report on Monday, June 23rd. TD Cowen raised their price target on Starbucks from $90.00 to $95.00 and gave the stock a "hold" rating in a report on Wednesday, July 30th. Piper Sandler set a $105.00 price target on Starbucks and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Cowen reissued a "hold" rating on shares of Starbucks in a report on Tuesday, June 24th. Finally, Jefferies Financial Group downgraded Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price target on the stock. in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $104.40.

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.