Zurich Insurance Group Ltd FI Sells 240,946 Shares of Starbucks Corporation $SBUX

Key Points

• Zurich Insurance Group Ltd FI sold 240,946 shares of Starbucks Corporation, reducing its stake by 52.7%, and now holds 216,514 shares valued at approximately $21.2 million.
• Multiple large investors, including Goldman Sachs and Wellington Management Group LLP, have recently increased their holdings in Starbucks, with overall institutional ownership at 72.29%.
• Analysts have mixed ratings for Starbucks, with an average price target of $104.40, and the stock currently holds a "Moderate Buy" rating despite missing quarterly earnings expectations.

Zurich Insurance Group Ltd FI reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 52.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 216,514 shares of the coffee company's stock after selling 240,946 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Starbucks were worth $21,238,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in shares of Starbucks during the first quarter worth approximately $1,379,619,000. Jennison Associates LLC bought a new position in Starbucks in the first quarter valued at approximately $817,759,000. Polen Capital Management LLC acquired a new stake in Starbucks during the 1st quarter worth $503,539,000. Goldman Sachs Group Inc. raised its position in shares of Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock valued at $943,948,000 after acquiring an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock valued at $1,904,366,000 after acquiring an additional 3,545,655 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Morgan Stanley restated an "overweight" rating and issued a $103.00 price target (up from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. Cowen restated a "hold" rating 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. TD Cowen upped their price target on Starbucks from $90.00 to $95.00 and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Piper Sandler set a $105.00 price objective on shares of Starbucks and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. One investment 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $104.40.

Starbucks Price Performance

NASDAQ:SBUX opened at $83.81 on Wednesday. The business's 50-day simple moving average is $91.17 and its 200-day simple moving average is $91.29. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The stock has a market capitalization 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 (NASDAQ:SBUX - Get Free Report) last posted 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). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the company posted $0.93 earnings per share. Starbucks's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a $0.61 dividend. This represents a $2.44 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, August 15th. Starbucks's payout ratio 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.

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.