State of Michigan Retirement System Has $28.31 Million Stock Holdings in Starbucks Corporation $SBUX

State of Michigan Retirement System raised its holdings in Starbucks Corporation (NASDAQ:SBUX) by 0.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 308,959 shares of the coffee company’s stock after buying an additional 800 shares during the quarter. State of Michigan Retirement System’s holdings in Starbucks were worth $28,310,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SBUX. Nuveen LLC acquired a new stake in shares of Starbucks in the first quarter worth $1,379,619,000. Jennison Associates LLC bought a new stake in Starbucks in the 1st quarter valued at $817,759,000. Polen Capital Management LLC acquired a new stake in Starbucks in the 1st quarter worth $503,539,000. Goldman Sachs Group Inc. increased its holdings in shares of Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock worth $943,948,000 after purchasing an additional 3,589,537 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Starbucks by 22.3% during the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after buying an additional 3,545,655 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $100.00 to $115.00 in a research report on Tuesday, August 12th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Starbucks in a research report on Thursday. Bank of America boosted 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, Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $100.50.

Starbucks Price Performance

Starbucks stock opened at $80.87 on Friday. The firm has a market capitalization of $91.92 billion, a P/E ratio of 49.31, a P/E/G ratio of 4.28 and a beta of 1.01. The stock has a fifty day moving average price of $84.43 and a two-hundred day moving average price of $87.47. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The firm had revenue of $9.57 billion for the quarter, compared to analyst estimates of $9.41 billion. During the same quarter last year, the business earned $0.80 EPS. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities research analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio is presently 151.22%.

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.