Trust Asset Management LLC Trims Stake in Starbucks Corporation (NASDAQ:SBUX)

Trust Asset Management LLC trimmed its position in Starbucks Corporation (NASDAQ:SBUX) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,076 shares of the coffee company’s stock after selling 277 shares during the period. Trust Asset Management LLC’s holdings in Starbucks were worth $1,283,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SBUX. Vanguard Group Inc. boosted its position in Starbucks by 0.9% during the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock worth $10,991,923,000 after acquiring an additional 953,361 shares during the last quarter. Capital World Investors boosted its holdings in shares of Starbucks by 20.1% during the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock worth $5,011,796,000 after purchasing an additional 9,174,682 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Starbucks in the first quarter valued at $1,379,619,000. Northern Trust Corp increased its stake in Starbucks by 4.6% in the fourth quarter. Northern Trust Corp now owns 13,573,337 shares of the coffee company’s stock valued at $1,238,567,000 after purchasing an additional 600,151 shares during the last quarter. Finally, Capital International Investors lifted its position in Starbucks by 2.7% during the fourth quarter. Capital International Investors now owns 10,191,918 shares of the coffee company’s stock worth $929,898,000 after buying an additional 267,736 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SBUX has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 30th. BMO Capital Markets restated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Starbucks in a report on Wednesday, July 30th. Evercore ISI reaffirmed an “outperform” rating and set a $105.00 price target (up previously from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. Bank of America lifted their price target on shares of Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a report on Friday, July 18th. Finally, Guggenheim upped their price objective on Starbucks from $79.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, July 31st. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $101.27.

Starbucks Stock Up 1.2%

SBUX stock opened at $92.12 on Monday. The company has a market capitalization of $104.71 billion, a PE ratio of 39.71, a P/E/G ratio of 5.25 and a beta of 1.02. The stock’s 50 day moving average is $92.27 and its two-hundred day moving average is $94.37. Starbucks Corporation has a 52-week low of $74.75 and a 52-week high of $117.46.

Starbucks (NASDAQ:SBUX) last issued 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 during the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 EPS. As a group, sell-side analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a dividend of $0.61 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.6%. Starbucks’s dividend payout ratio (DPR) is presently 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.