NFJ Investment Group LLC Cuts Position in Starbucks Corporation $SBUX

Key Points

• Nfj Investment Group LLC has reduced its stake in Starbucks by 34.8%, selling 60,146 shares and now holding 112,728 shares valued at over $11 million.
• Multiple institutional investors have also increased their positions in Starbucks, with holdings among hedge funds representing 72.29% of the company's stock.
• Starbucks reported earnings of $0.50 per share in its last quarter, missing the consensus estimate, while its revenue rose 3.8% year-over-year to $9.46 billion.

NFJ Investment Group LLC cut its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 34.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,728 shares of the coffee company's stock after selling 60,146 shares during the period. NFJ Investment Group LLC's holdings in Starbucks were worth $11,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in SBUX. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Starbucks in the 4th quarter worth about $25,000. Hughes Financial Services LLC purchased a new position in Starbucks in the 1st quarter valued at about $27,000. McClarren Financial Advisors Inc. purchased a new position in Starbucks in the 1st quarter valued at about $29,000. Activest Wealth Management lifted its holdings in Starbucks by 78.0% in the 1st quarter. Activest Wealth Management now owns 331 shares of the coffee company's stock valued at $32,000 after purchasing an additional 145 shares in the last quarter. Finally, Ball & Co Wealth Management Inc. purchased a new position in Starbucks in the 4th quarter valued at about $41,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Down 1.8%

Shares of SBUX stock traded down $1.58 during trading hours on Friday, hitting $85.43. 9,037,892 shares of the company were exchanged, compared to its average volume of 7,778,873. The firm has a market cap of $97.11 billion, a PE ratio of 36.82, a PEG ratio of 5.09 and a beta of 1.00. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The firm has a fifty day moving average of $91.54 and a 200 day moving average of $91.53.

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 company had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The company's revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share. Analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

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

Analyst Ratings Changes

SBUX has been the topic of a number of recent research reports. Guggenheim upped their target price on shares of Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Baird R W upgraded shares of Starbucks from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 12th. Bank of America upped their target price on shares of Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a report on Friday, July 18th. Evercore ISI restated an "outperform" rating and issued a $105.00 target price (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Finally, Piper Sandler set a $105.00 target price on shares of Starbucks and gave the company an "overweight" rating in a report on Wednesday, July 30th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.