Wellington Management Group LLP Purchases 3,545,655 Shares of Starbucks Corporation $SBUX

Key Points

• Wellington Management Group LLP increased its stake in Starbucks by 22.3%, acquiring 3,545,655 shares and owning a total of 19,414,472 shares, valued at approximately $1.9 billion.
• Starbucks' recent earnings report revealed a missed EPS estimate of $0.50 compared to a consensus of $0.64, despite revenue of $9.46 billion exceeding expectations.
• The company announced a quarterly dividend of $0.61 per share, with an ex-dividend date of August 15 and a current annualized yield of 2.7%.

Wellington Management Group LLP raised its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 22.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,414,472 shares of the coffee company's stock after acquiring an additional 3,545,655 shares during the quarter. Wellington Management Group LLP owned approximately 1.71% of Starbucks worth $1,904,366,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC grew its stake in Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock valued at $16,126,000 after purchasing an additional 81,952 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Starbucks during the 4th quarter valued at about $581,000. Gamco Investors INC. ET AL raised its stake in shares of Starbucks by 3.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 2,860 shares of the coffee company's stock valued at $261,000 after buying an additional 97 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Starbucks by 15.9% during the 4th quarter. First Trust Advisors LP now owns 840,382 shares of the coffee company's stock valued at $76,685,000 after buying an additional 115,133 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Starbucks by 3.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,789,245 shares of the coffee company's stock valued at $254,502,000 after buying an additional 99,839 shares during the last quarter. Institutional investors own 72.29% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SBUX. JPMorgan Chase & Co. raised their target price on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Piper Sandler set a $105.00 price objective on Starbucks and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Bank of America lifted their price objective on Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Morgan Stanley reiterated an "overweight" rating and issued a $103.00 price objective (up from $95.00) on shares of Starbucks in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and issued a $95.00 price objective (up from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $103.65.

Starbucks Stock Down 2.6%

NASDAQ:SBUX opened at $90.60 on Monday. The company has a fifty day simple moving average of $92.80 and a two-hundred day simple moving average of $93.99. The company has a market cap of $102.99 billion, a price-to-earnings ratio of 39.05, a price-to-earnings-growth ratio of 5.32 and a beta of 1.02. 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 EPS for the quarter, missing analysts' consensus estimates of $0.64 by ($0.14). The firm had revenue of $9.46 billion for 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 for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.93 EPS. On average, analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.61 per share. The ex-dividend date is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.7%. Starbucks's 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.