The Manufacturers Life Insurance Company Sells 28,249 Shares of Starbucks Corporation $SBUX

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Starbucks by 1.2% during the first quarter, now holding approximately 2.26 million shares valued at $221.43 million.
• Starbucks reported earnings per share of $0.50 for the last quarter, falling short of analysts' expectations by $0.14, while revenue increased by 3.8% year-over-year.
• The company announced a quarterly dividend of $0.61, with an annual yield of 2.8%, though its dividend payout ratio stands at 105.17%.

The Manufacturers Life Insurance Company cut its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 1.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,257,447 shares of the coffee company's stock after selling 28,249 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.20% of Starbucks worth $221,433,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GKV Capital Management Co. Inc. bought a new stake in Starbucks during the 1st quarter worth about $42,000. Gerber Kawasaki Wealth & Investment Management raised its holdings in Starbucks by 3.5% in the 1st quarter. Gerber Kawasaki Wealth & Investment Management now owns 6,715 shares of the coffee company's stock valued at $659,000 after acquiring an additional 228 shares during the period. Landscape Capital Management L.L.C. raised its holdings in Starbucks by 679.4% in the 1st quarter. Landscape Capital Management L.L.C. now owns 31,970 shares of the coffee company's stock valued at $3,136,000 after acquiring an additional 27,868 shares during the period. Okabena Investment Services Inc. acquired a new stake in shares of Starbucks in the first quarter valued at approximately $1,154,000. Finally, CreativeOne Wealth LLC raised its position in shares of Starbucks by 42.8% in the first quarter. CreativeOne Wealth LLC now owns 14,499 shares of the coffee company's stock valued at $1,422,000 after buying an additional 4,343 shares in the last quarter. 72.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SBUX. The Goldman Sachs Group reiterated a "neutral" rating and set a $95.00 price target (up previously from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. Jefferies Financial Group lowered shares of 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. 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. Barclays upped their price objective on shares of Starbucks from $106.00 to $115.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Sanford C. Bernstein upped their price objective on shares of Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Starbucks presently has an average rating of "Moderate Buy" and an average price target of $104.40.

Starbucks Stock Up 0.4%

Starbucks stock opened at $88.02 on Friday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The firm has a 50 day moving average price of $92.06 and a 200-day moving average price of $92.86. The company has a market capitalization of $100.05 billion, a P/E ratio of 37.94, a P/E/G ratio of 5.20 and a beta of 1.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The company had revenue of $9.46 billion for 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 revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.93 earnings per share. Equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 annualized dividend and a yield of 2.8%. Starbucks's dividend payout ratio (DPR) is 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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