QRG Capital Management Inc. Has $9.68 Million Position in Starbucks Corporation $SBUX

QRG Capital Management Inc. cut its holdings in Starbucks Corporation (NASDAQ:SBUX) by 14.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,410 shares of the coffee company’s stock after selling 18,888 shares during the quarter. QRG Capital Management Inc.’s holdings in Starbucks were worth $9,679,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Starbucks by 0.7% in the second quarter. Vanguard Group Inc. now owns 112,861,623 shares of the coffee company’s stock worth $10,341,511,000 after purchasing an additional 802,053 shares in the last quarter. State Street Corp increased its holdings in shares of Starbucks by 1.2% during the 2nd quarter. State Street Corp now owns 47,513,332 shares of the coffee company’s stock valued at $4,353,647,000 after acquiring an additional 544,534 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Starbucks by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 25,846,634 shares of the coffee company’s stock valued at $2,357,815,000 after acquiring an additional 99,983 shares in the last quarter. Norges Bank acquired a new stake in Starbucks in the 2nd quarter worth approximately $1,246,316,000. Finally, Invesco Ltd. boosted its position in 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. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Down 0.3%

NASDAQ:SBUX opened at $92.99 on Friday. The firm has a market cap of $105.74 billion, a PE ratio of 56.70, a price-to-earnings-growth ratio of 1.96 and a beta of 0.97. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The company’s 50-day moving average price is $86.06 and its two-hundred day moving average price is $87.08.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.The business had revenue of $9.57 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same period in the previous year, the firm earned $0.80 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, research 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. Shareholders of record on Friday, February 13th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.7%. Starbucks’s dividend payout ratio is currently 151.22%.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp bought 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 completion of the transaction, the director owned 53,096 shares of the company’s stock, valued at approximately $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SBUX shares. Citigroup raised shares of Starbucks from a “neutral” rating to a “positive” rating in a report on Thursday. BMO Capital Markets restated an “outperform” rating on shares of Starbucks in a report on Thursday, October 30th. BTIG Research reiterated a “buy” rating and issued a $105.00 price objective on shares of Starbucks in a research note on Thursday, October 30th. Royal Bank Of Canada set a $100.00 target price on Starbucks and gave the company an “outperform” rating in a research note on Thursday, October 30th. Finally, Piper Sandler dropped their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.56.

About Starbucks

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.