Sumitomo Mitsui Trust Group Inc. Acquires 40,053 Shares of Starbucks Corporation $SBUX

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 1.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,757,230 shares of the coffee company’s stock after purchasing an additional 40,053 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Starbucks worth $252,645,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in Starbucks by 12.5% during the 2nd quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 9,000 shares of the coffee company’s stock valued at $825,000 after purchasing an additional 1,000 shares in the last quarter. Catalyst Capital Advisors LLC raised its position in Starbucks by 6.6% during the 2nd quarter. Catalyst Capital Advisors LLC now owns 2,049 shares of the coffee company’s stock valued at $188,000 after purchasing an additional 126 shares in the last quarter. Asset Management One Co. Ltd. raised its position in Starbucks by 4.9% during the 2nd quarter. Asset Management One Co. Ltd. now owns 532,340 shares of the coffee company’s stock valued at $48,778,000 after purchasing an additional 24,889 shares in the last quarter. AlTi Global Inc. raised its position in Starbucks by 4.3% during the 2nd quarter. AlTi Global Inc. now owns 19,213 shares of the coffee company’s stock valued at $1,761,000 after purchasing an additional 793 shares in the last quarter. Finally, Cardinal Point Capital Management ULC bought a new position in shares of Starbucks in the 2nd quarter worth $589,000. 72.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SBUX. Loop Capital set a $165.00 price target on Starbucks in a research report on Tuesday, August 12th. Piper Sandler set a $105.00 price target on Starbucks and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Morgan Stanley set a $105.00 target price on Starbucks and gave the company an “overweight” rating in a report on Monday. CICC Research assumed coverage on Starbucks in a research report on Monday, June 30th. They issued an “outperform” rating and a $100.00 price target for the company. Finally, Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.80.

Starbucks Trading Up 0.8%

Shares of SBUX opened at $86.09 on Friday. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46. The stock’s 50 day moving average is $85.01 and its two-hundred day moving average is $87.47. The firm has a market capitalization of $97.86 billion, a PE ratio of 37.11, a P/E/G ratio of 4.28 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last posted its quarterly 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 company had revenue of $9.46 billion for the quarter, compared to analyst estimates 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 previous year, the business 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Starbucks’s previous quarterly dividend of $0.61. Starbucks’s dividend payout ratio is currently 105.17%.

About Starbucks

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.