Pendal Group Ltd trimmed its stake in shares of Starbucks (NASDAQ:SBUX) by 15.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,270 shares of the coffee company’s stock after selling 2,437 shares during the quarter. Pendal Group Ltd’s holdings in Starbucks were worth $768,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Magellan Asset Management Ltd grew its holdings in Starbucks by 18.1% during the 4th quarter. Magellan Asset Management Ltd now owns 30,912,781 shares of the coffee company’s stock worth $1,775,321,000 after acquiring an additional 4,744,675 shares during the last quarter. Capital International Investors grew its holdings in Starbucks by 28.3% during the 3rd quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock worth $1,142,386,000 after acquiring an additional 4,696,452 shares during the last quarter. Harding Loevner LP bought a new stake in Starbucks during the 3rd quarter worth approximately $128,044,000. Lazard Asset Management LLC grew its holdings in Starbucks by 300.6% during the 4th quarter. Lazard Asset Management LLC now owns 4,051,366 shares of the coffee company’s stock worth $232,669,000 after acquiring an additional 3,040,030 shares during the last quarter. Finally, Atlantic Trust Group LLC grew its holdings in Starbucks by 1,244.8% during the 3rd quarter. Atlantic Trust Group LLC now owns 2,440,293 shares of the coffee company’s stock worth $131,068,000 after acquiring an additional 2,258,828 shares during the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.
Shares of NASDAQ SBUX opened at $57.16 on Friday. The firm has a market cap of $78.94 billion, a P/E ratio of 27.75, a P/E/G ratio of 1.64 and a beta of 0.63. Starbucks has a 12-month low of $52.58 and a 12-month high of $64.87. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.83 and a current ratio of 1.09.
Starbucks declared that its board has authorized a stock buyback program on Thursday, April 26th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the coffee company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Thursday, May 10th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Wednesday, May 9th. Starbucks’s dividend payout ratio is presently 58.25%.
In other Starbucks news, Director Craig Weatherup sold 59,838 shares of the company’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $60.10, for a total transaction of $3,596,263.80. Following the transaction, the director now owns 26,500 shares in the company, valued at $1,592,650. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.40% of the company’s stock.
A number of research firms have weighed in on SBUX. Goldman Sachs lowered shares of Starbucks from a “conviction-buy” rating to a “buy” rating and reduced their target price for the stock from $73.00 to $68.00 in a report on Friday, January 26th. BTIG Research reissued a “buy” rating and set a $64.00 target price on shares of Starbucks in a report on Friday, January 26th. Vetr raised shares of Starbucks from a “buy” rating to a “strong-buy” rating and set a $62.03 target price on the stock in a report on Monday, February 5th. BidaskClub raised shares of Starbucks from a “hold” rating to a “buy” rating in a research note on Friday, March 30th. Finally, Zacks Investment Research raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $64.25.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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