Ontario Teachers Pension Plan Board Reduces Holdings in Starbucks Corporation $SBUX

Ontario Teachers Pension Plan Board lowered its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 40.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,330,251 shares of the coffee company’s stock after selling 915,979 shares during the quarter. Starbucks comprises approximately 2.4% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 12th largest holding. Ontario Teachers Pension Plan Board’s holdings in Starbucks were worth $121,891,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of SBUX. Vanguard Group Inc. raised its holdings in shares of Starbucks by 0.9% in the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock worth $10,991,923,000 after buying an additional 953,361 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Starbucks by 0.4% during the second quarter. Geode Capital Management LLC now owns 25,846,634 shares of the coffee company’s stock valued at $2,357,815,000 after buying an additional 99,983 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Starbucks by 22.3% in the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock valued at $1,904,366,000 after acquiring an additional 3,545,655 shares during the period. Nuveen LLC purchased a new position in Starbucks in the 1st quarter worth $1,379,619,000. Finally, Goldman Sachs Group Inc. lifted its position in 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 acquiring an additional 3,589,537 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 11,700 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were purchased at an average cost of $85.00 per share, with a total value of $994,500.00. Following the purchase, the director owned 53,096 shares of the company’s stock, valued at $4,513,160. This represents a 28.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. BMO Capital Markets restated an “outperform” rating on shares of Starbucks in a research note on Thursday, October 30th. Dbs Bank downgraded shares of Starbucks from a “hold” rating to a “strong sell” rating in a report on Friday, November 7th. Guggenheim lifted their price objective on shares of Starbucks from $79.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Royal Bank Of Canada set a $100.00 price objective on shares of Starbucks and gave the company an “outperform” rating in a report on Thursday, October 30th. Finally, Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $100.00 to $115.00 in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and an average target price of $101.44.

Starbucks Trading Down 1.9%

Shares of SBUX stock opened at $84.78 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The business’s 50 day moving average is $83.76 and its two-hundred day moving average is $87.58. The company has a market capitalization of $96.37 billion, a P/E ratio of 51.70, a P/E/G ratio of 4.28 and a beta of 1.02.

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

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. This is a positive change from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date is Friday, November 14th. Starbucks’s dividend payout ratio (DPR) is 151.22%.

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.