Woodline Partners LP Sells 232,145 Shares of Starbucks Corporation $SBUX

Key Points

• Woodline Partners LP reduced its holdings in Starbucks by 39.1%, selling 232,145 shares and leaving them with 361,073 shares worth approximately $35.4 million.
• Starbucks reported disappointing earnings, with an EPS of $0.50 for the last quarter, missing the consensus estimate of $0.64, while revenue of $9.46 billion exceeded expectations.
• Recent analyst ratings for Starbucks have been mixed, with Wall Street Zen downgrading the stock to a "sell," while Robert W. Baird raised the price target from $100 to $115, reflecting varying market outlooks.

Woodline Partners LP decreased its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 39.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,073 shares of the coffee company's stock after selling 232,145 shares during the period. Woodline Partners LP's holdings in Starbucks were worth $35,418,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. TrinityPoint Wealth LLC boosted its holdings in Starbucks by 2.7% in the fourth quarter. TrinityPoint Wealth LLC now owns 3,421 shares of the coffee company's stock worth $312,000 after acquiring an additional 89 shares in the last quarter. Benin Management CORP boosted its holdings in Starbucks by 0.7% in the first quarter. Benin Management CORP now owns 16,575 shares of the coffee company's stock worth $1,626,000 after acquiring an additional 120 shares in the last quarter. Ted Buchan & Co lifted its holdings in shares of Starbucks by 1.5% in the first quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock valued at $791,000 after purchasing an additional 120 shares in the last quarter. Alexander Labrunerie & CO. Inc. lifted its holdings in shares of Starbucks by 3.5% in the first quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock valued at $349,000 after purchasing an additional 122 shares in the last quarter. Finally, Private Wealth Management Group LLC lifted its holdings in shares of Starbucks by 13.3% in the first quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company's stock valued at $104,000 after purchasing an additional 124 shares in the last quarter. Institutional investors own 72.29% of the company's stock.

Analysts Set New Price Targets

SBUX has been the topic of a number of recent analyst reports. Wall Street Zen lowered Starbucks from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Robert W. Baird upgraded Starbucks from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $100.00 to $115.00 in a report on Tuesday, August 12th. Evercore ISI reiterated an "outperform" rating and set a $105.00 price target (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Loop Capital set a $165.00 target price on Starbucks in a research report on Tuesday, August 12th. Finally, TD Securities reissued a "hold" rating and issued a $90.00 target price on shares of Starbucks in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Stock Performance

Shares of NASDAQ SBUX opened at $83.81 on Wednesday. The stock has a market cap of $95.27 billion, a PE ratio of 36.13, a price-to-earnings-growth ratio of 5.01 and a beta of 1.00. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The stock has a fifty day moving average of $91.17 and a 200-day moving average of $91.29.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings results 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 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. On average, sell-side analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

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

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.

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