State Street Corp Buys 544,534 Shares of Starbucks Corporation $SBUX

State Street Corp lifted its position in Starbucks Corporation (NASDAQ:SBUX) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,513,332 shares of the coffee company’s stock after acquiring an additional 544,534 shares during the period. State Street Corp’s holdings in Starbucks were worth $4,353,647,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Starbucks during the 2nd quarter worth $1,246,316,000. Wellington Management Group LLP increased its holdings in shares of Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after acquiring an additional 3,545,655 shares in the last quarter. Invesco Ltd. raised its position in shares of Starbucks by 11.2% during the second quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock worth $1,169,011,000 after purchasing an additional 1,286,451 shares during the period. California Public Employees Retirement System increased its stake in Starbucks by 68.0% during the 2nd quarter. California Public Employees Retirement System now owns 3,027,814 shares of the coffee company’s stock worth $277,439,000 after purchasing an additional 1,225,447 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Starbucks by 22.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,578,977 shares of the coffee company’s stock valued at $511,202,000 after buying an additional 1,026,056 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

SBUX has been the subject of several recent research reports. BTIG Research reiterated a “buy” rating and set a $105.00 price objective on shares of Starbucks in a report on Thursday, October 30th. Loop Capital set a $165.00 price target on Starbucks in a research note on Tuesday, August 12th. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $100.00 to $115.00 in a research note on Tuesday, August 12th. Citigroup lowered their target price on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Starbucks in a research report on Monday, December 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 assigned a Sell rating to the stock. According to data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Trading Down 2.0%

Shares of NASDAQ:SBUX opened at $83.41 on Tuesday. The firm has a 50 day moving average of $84.11 and a 200-day moving average of $87.72. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The stock has a market capitalization of $94.85 billion, a PE ratio of 50.86, a PEG ratio of 1.74 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data 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 net margin of 4.99% and a negative return on equity of 31.32%. The firm had revenue of $9.57 billion during the quarter, compared to the consensus estimate of $9.41 billion. During the same period last year, the business earned $0.80 earnings per share. The business’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, February 13th. Starbucks’s payout ratio is currently 151.22%.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of Starbucks stock in a transaction dated Monday, November 10th. The shares were bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the purchase, the director owned 53,096 shares in the company, valued at approximately $4,513,160. This trade represents a 28.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.09% of the company’s stock.

Starbucks Company 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.