Oregon Public Employees Retirement Fund grew its position in shares of Starbucks Corporation (NASDAQ:SBUX – Free Report) by 0.6% during the second quarter, Holdings Channel reports. The fund owned 98,165 shares of the coffee company’s stock after purchasing an additional 600 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Starbucks were worth $8,995,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in SBUX. Nuveen LLC purchased a new stake in shares of Starbucks in the 1st quarter worth about $1,379,619,000. Jennison Associates LLC purchased a new stake in Starbucks in the first quarter worth about $817,759,000. Polen Capital Management LLC bought a new position in shares of Starbucks during the first quarter valued at approximately $503,539,000. Goldman Sachs Group Inc. lifted its holdings in shares of Starbucks by 59.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after purchasing an additional 3,589,537 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Starbucks by 22.3% in the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after purchasing an additional 3,545,655 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the company. Bank of America raised their price objective on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $100.00 to $115.00 in a research note on Tuesday, August 12th. Jefferies Financial Group lowered Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target for the company. in a research report on Thursday, July 17th. CICC Research initiated coverage on shares of Starbucks in a research note on Monday, June 30th. They issued an “outperform” rating and a $100.00 price target on the stock. Finally, Loop Capital set a $165.00 price objective on shares of Starbucks in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and an average target price of $103.56.
Starbucks Price Performance
Shares of NASDAQ:SBUX opened at $78.46 on Monday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The stock’s fifty day moving average price is $86.48 and its 200-day moving average price is $87.87. The company has a market cap of $89.19 billion, a P/E ratio of 33.82, a PEG ratio of 3.89 and a beta of 1.01.
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 the consensus estimate 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%. Starbucks’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.93 EPS. On average, sell-side analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current year.
Starbucks Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, November 14th. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s payout ratio is currently 105.17%.
Starbucks 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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