Starbucks Corporation $SBUX Stake Lowered by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC reduced its stake in Starbucks by 1.6% in the first quarter, now holding 333,268 shares valued at approximately $32.69 million.
• Several analysts have updated their price targets for Starbucks, with Royal Bank of Canada raising it from $100 to $110 and Stifel Nicolaus from $92 to $105, indicating a positive outlook for the stock.
• Starbucks recently declared a quarterly dividend of $0.61 per share, with an annualized yield of 2.8%, and its payout ratio currently stands at 105.17%.

MetLife Investment Management LLC reduced its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 333,268 shares of the coffee company's stock after selling 5,509 shares during the period. MetLife Investment Management LLC's holdings in Starbucks were worth $32,690,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Capital Wealth Advisors purchased a new stake in shares of Starbucks during the 4th quarter valued at about $285,000. Czech National Bank boosted its holdings in Starbucks by 6.2% in the 1st quarter. Czech National Bank now owns 260,898 shares of the coffee company's stock worth $25,591,000 after acquiring an additional 15,132 shares during the period. Personal CFO Solutions LLC grew its position in Starbucks by 125.5% in the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company's stock valued at $908,000 after acquiring an additional 5,151 shares in the last quarter. Napa Wealth Management purchased a new stake in shares of Starbucks during the first quarter valued at approximately $1,435,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Starbucks during the first quarter worth $998,000. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Trading Up 1.2%

Starbucks stock traded up $1.03 during midday trading on Wednesday, hitting $87.66. The stock had a trading volume of 7,675,500 shares, compared to its average volume of 11,001,880. The stock has a market cap of $99.64 billion, a P/E ratio of 37.78, a P/E/G ratio of 5.14 and a beta of 1.02. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The business has a fifty day moving average price of $92.24 and a 200 day moving average price of $93.06.

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

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 15th. Starbucks's payout ratio is currently 105.17%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein raised their price target on shares of Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Evercore ISI reissued an "outperform" rating and issued a $105.00 price objective (up from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. Barclays lifted their target price on Starbucks from $106.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Guggenheim boosted their price target on Starbucks from $79.00 to $90.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Finally, Citigroup cut their price target on Starbucks from $100.00 to $99.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Starbucks presently has an average rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks 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.