New York State Teachers Retirement System Trims Stock Position in Starbucks Corporation $SBUX

New York State Teachers Retirement System trimmed its stake in Starbucks Corporation (NASDAQ:SBUX) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 905,807 shares of the coffee company’s stock after selling 6,736 shares during the period. New York State Teachers Retirement System’s holdings in Starbucks were worth $76,631,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of SBUX. PUREfi Wealth LLC purchased a new position in Starbucks during the second quarter valued at $286,000. Narwhal Capital Management increased its stake in shares of Starbucks by 39.6% in the 2nd quarter. Narwhal Capital Management now owns 32,738 shares of the coffee company’s stock worth $3,000,000 after acquiring an additional 9,282 shares in the last quarter. Morningstar Investment Management LLC purchased a new position in Starbucks during the 2nd quarter valued at about $653,000. Asset Management One Co. Ltd. boosted its stake in Starbucks by 3.1% during the third quarter. Asset Management One Co. Ltd. now owns 548,768 shares of the coffee company’s stock worth $46,426,000 after acquiring an additional 16,428 shares in the last quarter. Finally, Pegasus Asset Management Inc. purchased a new stake in Starbucks in the second quarter worth about $1,289,000. Institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. BTIG Research reiterated a “buy” rating and set a $105.00 target price on shares of Starbucks in a report on Thursday, October 30th. Royal Bank Of Canada set a $100.00 price objective on Starbucks and gave the company an “outperform” rating in a research note on Thursday, October 30th. Zacks Research cut Starbucks from a “hold” rating to a “strong sell” rating in a research note on Monday, December 29th. Barclays restated an “overweight” rating and set a $110.00 price target (up from $95.00) on shares of Starbucks in a report on Wednesday. Finally, Wells Fargo & Company set a $100.00 price objective on shares of Starbucks and gave the company an “overweight” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Starbucks currently has an average rating of “Hold” and an average price target of $102.12.

Starbucks Price Performance

Starbucks stock opened at $88.88 on Friday. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The business’s fifty day moving average is $85.13 and its 200 day moving average is $87.10. The stock has a market capitalization of $101.07 billion, a PE ratio of 54.20, a price-to-earnings-growth ratio of 1.87 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.03). The company had revenue of $9.57 billion for the quarter, compared to the consensus estimate of $9.41 billion. Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. Starbucks’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. As a group, sell-side analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.8%. Starbucks’s dividend payout ratio is 151.22%.

Insider Transactions at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 11,700 shares of the business’s stock in a transaction on Monday, November 10th. The stock was acquired at an average price of $85.00 per share, with a total value of $994,500.00. Following the transaction, 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.09% of the company’s stock.

Starbucks Profile

Starbucks Corporation is a global coffeehouse chain and roaster that operates, licenses and franchises coffee shops and related retail businesses. Founded in Seattle, Washington in 1971 by Jerry Baldwin, Zev Siegl and Gordon Bowker, the company grew from a single store focused on whole-bean coffee and equipment into a broad consumer-facing brand. Howard Schultz, who joined the company later and served in senior leadership roles, is widely credited with transforming Starbucks into a mass-market specialty coffee retailer and expanding its footprint internationally.

Starbucks’ core activities center on the retail sale of hot and cold specialty beverages, whole-bean and packaged coffees, teas and ready-to-drink products, along with complementary food items and merchandise such as mugs and brewing equipment.