Starbucks Corporation $SBUX Stake Boosted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 14.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,873 shares of the coffee company’s stock after buying an additional 8,825 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Starbucks were worth $6,565,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Starbucks in the second quarter worth approximately $8,504,509,000. State Street Corp increased its position in shares of Starbucks by 3.2% in the 2nd quarter. State Street Corp now owns 49,260,268 shares of the coffee company’s stock valued at $5,033,907,000 after purchasing an additional 1,530,497 shares during the last quarter. Bank of America Corp DE increased its position in shares of Starbucks by 9.0% in the 1st quarter. Bank of America Corp DE now owns 15,761,355 shares of the coffee company’s stock valued at $1,412,060,000 after purchasing an additional 1,300,085 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Starbucks by 26.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,506,482 shares of the coffee company’s stock valued at $869,277,000 after purchasing an additional 1,767,530 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Starbucks in the 2nd quarter valued at $779,790,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Starbucks news, CEO Brady Brewer sold 2,229 shares of the stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $110.00, for a total transaction of $245,190.00. Following the completion of the sale, the chief executive officer directly owned 68,691 shares of the company’s stock, valued at approximately $7,556,010. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 6,687 shares of company stock worth $694,874. 0.03% of the stock is owned by corporate insiders.

Starbucks Stock Performance

Shares of Starbucks stock opened at $107.26 on Friday. The company has a market capitalization of $122.28 billion, a P/E ratio of 48.53, a PEG ratio of 1.82 and a beta of 1.01. Starbucks Corporation has a 1 year low of $81.97 and a 1 year high of $111.50. The company’s fifty day moving average is $99.34 and its two-hundred day moving average is $100.30.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, October 29th. The coffee company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08. Starbucks had a net margin of 6.66% and a negative return on equity of 38.61%. The business had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The business’s revenue was down 4.5% compared to the same quarter last year. As a group, equities analysts expect that Starbucks Corporation will post 3.22 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.52 annualized dividend and a yield of 2.3%. This is a boost from Starbucks’s previous quarterly dividend of $0.62. Starbucks’s dividend payout ratio (DPR) is currently 112.22%.

Latest Starbucks News

These are some of the SBUX news items that stood out recently:

• Positive Sentiment: CEO Brian Niccol highlighted plans to attract afternoon customers with protein and collagen drinks and to improve the drive-through experience. These initiatives could create new sales opportunities, though their impact will depend on customer demand and execution. Starbucks’ plan to get the afternoon crowd? Protein and collagen.
• Positive Sentiment: Starbucks is giving nearly 200,000 employees Bean Stock grants, while eligible North American baristas and shift supervisors are receiving sales-performance bonuses. The incentives may help engage staff and support the “Back to Starbucks” turnaround, although they also add costs. Starbucks is Putting More Money in Employees’ Pockets
• Negative Sentiment: South Korean sales figures have renewed concern about the company’s performance in that market, with one report linking the figures to pressure on the shares. Starbucks Stock Slips as Korean Sales Figures Come In

Analyst Ratings Changes

SBUX has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Starbucks from $112.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, September 29th. William Blair restated an “outperform” rating on shares of Starbucks in a research note on Friday, October 30th. Jefferies Financial Group lifted their price target on Starbucks from $95.00 to $101.00 and gave the stock a “hold” rating in a report on Thursday, July 30th. DA Davidson reaffirmed a “neutral” rating and set a $110.00 price objective on shares of Starbucks in a research report on Friday, October 30th. Finally, Seaport Research Partners began coverage on Starbucks in a research report on Wednesday, September 16th. They set a “neutral” rating for the company. Twenty-one investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Starbucks has a consensus rating of “Hold” and an average target price of $108.83.

Starbucks Profile

Starbucks Corporation is a global coffee company that roasts, markets and sells coffee and other beverages, along with food and related merchandise. Its offerings include brewed coffee, espresso-based drinks, teas and packaged coffee products. The company serves customers through company-operated and licensed stores, as well as through retail and food-service partnerships. Its stores also sell items such as mugs and coffee-making equipment. Founded in Seattle in 1971, Starbucks operates in North America and international markets, including China.