Utah Retirement Systems trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 4.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 224,604 shares of the coffee company’s stock after selling 9,900 shares during the quarter. Utah Retirement Systems’ holdings in Starbucks were worth $24,543,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in SBUX. Sage Mountain Advisors LLC acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $258,000. FIL Ltd boosted its holdings in shares of Starbucks by 65.3% in the fourth quarter. FIL Ltd now owns 347,908 shares of the coffee company’s stock valued at $37,219,000 after acquiring an additional 137,382 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Starbucks by 111.6% in the fourth quarter. Federated Hermes Inc. now owns 84,590 shares of the coffee company’s stock valued at $9,049,000 after acquiring an additional 44,606 shares during the period. WealthShield Partners LLC acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $241,000. Finally, Schroder Investment Management Group boosted its holdings in shares of Starbucks by 5.4% in the fourth quarter. Schroder Investment Management Group now owns 83,358 shares of the coffee company’s stock valued at $8,917,000 after acquiring an additional 4,242 shares during the period. 68.43% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on SBUX shares. Zacks Investment Research upgraded Starbucks from a “hold” rating to a “buy” rating and set a $122.00 price target for the company in a research note on Monday, May 3rd. Stephens upped their price target on Starbucks from $115.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 28th. Barclays upped their price target on Starbucks from $137.00 to $140.00 in a research note on Wednesday, April 28th. MKM Partners increased their price objective on Starbucks from $105.00 to $117.00 in a research report on Thursday, April 22nd. Finally, Jefferies Financial Group increased their price objective on Starbucks from $118.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, April 28th. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $121.00.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Monday, April 26th. The coffee company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Starbucks had a negative return on equity of 18.94% and a net margin of 4.18%. The firm had revenue of $6.67 billion for the quarter, compared to analyst estimates of $6.75 billion. During the same period last year, the company earned $0.32 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, research analysts expect that Starbucks Co. will post 2.98 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 27th. Stockholders of record on Thursday, August 12th will be issued a $0.45 dividend. The ex-dividend date is Wednesday, August 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.49%. Starbucks’s dividend payout ratio (DPR) is 153.85%.
Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.
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