Westpac Banking Corp Has $4.09 Million Stock Holdings in Starbucks Corporation (NASDAQ:SBUX)

Key Points

• Westpac Banking Corp has increased its stake in Starbucks Corporation by 9.2%, acquiring an additional 3,509 shares and raising its total holdings to 41,678 shares valued at approximately $4.1 million.
• Starbucks reported a missed earnings estimate for the last quarter with an EPS of $0.50, falling short of the $0.64 consensus, despite a 3.8% year-over-year revenue growth.
• The company is set to pay a quarterly dividend of $0.61 per share on August 29th, reflecting a 2.7% dividend yield and a payout ratio of 105.17%.

Westpac Banking Corp increased its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 9.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,678 shares of the coffee company's stock after buying an additional 3,509 shares during the quarter. Westpac Banking Corp's holdings in Starbucks were worth $4,088,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Starbucks by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock worth $10,991,923,000 after buying an additional 953,361 shares in the last quarter. Capital World Investors grew its holdings in Starbucks by 20.1% in the 4th quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after buying an additional 9,174,682 shares in the last quarter. Nuveen LLC bought a new position in Starbucks in the 1st quarter worth approximately $1,379,619,000. Northern Trust Corp grew its holdings in Starbucks by 4.6% in the 4th quarter. Northern Trust Corp now owns 13,573,337 shares of the coffee company's stock worth $1,238,567,000 after buying an additional 600,151 shares in the last quarter. Finally, Capital International Investors lifted its position in Starbucks by 2.7% in the fourth quarter. Capital International Investors now owns 10,191,918 shares of the coffee company's stock worth $929,898,000 after purchasing an additional 267,736 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Up 0.9%

Shares of SBUX traded up $0.81 during mid-day trading on Wednesday, reaching $94.18. The company's stock had a trading volume of 6,490,754 shares, compared to its average volume of 11,890,718. The business has a fifty day moving average of $92.65 and a 200 day moving average of $94.31. The company has a market cap of $107.05 billion, a price-to-earnings ratio of 40.60, a price-to-earnings-growth ratio of 5.32 and a beta of 1.02. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released 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 business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. Starbucks's revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 EPS. On average, analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.61 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.6%. Starbucks's dividend payout ratio is 105.17%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SBUX shares. Cowen restated a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. Guggenheim upped their target price on Starbucks from $79.00 to $90.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Wall Street Zen downgraded Starbucks from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Loop Capital set a $165.00 target price on Starbucks in a research report on Tuesday. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $95.00 target price (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $104.19.

Starbucks Company 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.