Resona Asset Management Co. Ltd. Has $33.96 Million Stake in Starbucks Corporation $SBUX

Resona Asset Management Co. Ltd. grew its position in Starbucks Corporation (NASDAQ:SBUX) by 5.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 370,272 shares of the coffee company’s stock after purchasing an additional 19,288 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Starbucks were worth $33,955,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Starbucks by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock worth $10,991,923,000 after acquiring an additional 953,361 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Starbucks by 22.3% in the first quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after purchasing an additional 3,545,655 shares in the last quarter. Nuveen LLC acquired a new position in Starbucks during the first quarter worth $1,379,619,000. Goldman Sachs Group Inc. increased its stake in Starbucks by 59.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock valued at $943,948,000 after buying an additional 3,589,537 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in Starbucks in the 1st quarter valued at $817,759,000. 72.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SBUX shares. Citigroup decreased their price objective on Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Bank of America increased their price target on Starbucks from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Guggenheim raised their price target on Starbucks from $79.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Piper Sandler dropped their price objective on Starbucks from $105.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Finally, UBS Group set a $94.00 price objective on Starbucks and gave the company a “neutral” rating in a report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.50.

Starbucks Stock Down 0.8%

Shares of SBUX stock opened at $82.22 on Friday. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46. The firm has a 50 day moving average price of $83.98 and a two-hundred day moving average price of $87.43. The company has a market capitalization of $93.46 billion, a PE ratio of 50.13, a price-to-earnings-growth 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 analysts’ consensus estimates of $0.55 by ($0.03). The firm had revenue of $9.57 billion for the quarter, compared to the consensus estimate of $9.41 billion. Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.Starbucks’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted $0.80 EPS. As a group, research analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, November 14th. This is a boost from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.0%. Starbucks’s dividend payout ratio (DPR) is presently 151.22%.

Starbucks Company 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.