MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Trims Stake in Starbucks Corporation $SBUX

by · The Cerbat Gem

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX – Free Report) by 1.0% in the first quarter, Holdings Channel reports. The firm owned 957,143 shares of the coffee company’s stock after selling 9,318 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Starbucks were worth $93,886,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Napa Wealth Management purchased a new position in shares of Starbucks during the 1st quarter valued at $1,435,000. Vanguard Capital Wealth Advisors purchased a new position in Starbucks in the fourth quarter worth $285,000. Czech National Bank grew its position in Starbucks by 6.2% in the first quarter. Czech National Bank now owns 260,898 shares of the coffee company’s stock worth $25,591,000 after acquiring an additional 15,132 shares in the last quarter. Personal CFO Solutions LLC grew its position in Starbucks by 125.5% in the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company’s stock worth $908,000 after acquiring an additional 5,151 shares in the last quarter. Finally, First Manhattan CO. LLC. grew its position in Starbucks by 33.1% in the first quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company’s stock worth $43,777,000 after acquiring an additional 111,015 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 target price for the company. in a research report on Thursday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $100.00 to $115.00 in a research report on Tuesday, August 12th. Evercore ISI reissued an “outperform” rating and issued a $105.00 price target (up from $95.00) on shares of Starbucks in a research note on Tuesday, June 24th. Finally, Sanford C. Bernstein boosted their price target on shares of Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $104.40.

Check Out Our Latest Research Report on SBUX

Starbucks Trading Down 1.8%

Shares of NASDAQ:SBUX opened at $85.43 on Friday. The company has a market cap of $97.11 billion, a price-to-earnings ratio of 36.82, a price-to-earnings-growth ratio of 5.18 and a beta of 1.00. The company has a 50-day moving average price of $91.54 and a 200-day moving average price of $91.83. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46.

Starbucks (NASDAQ:SBUX – Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $0.93 earnings per share. As a group, research analysts forecast that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, August 15th. Starbucks’s dividend payout ratio is 105.17%.

Starbucks Profile

(Free Report)

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.

Further Reading

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