New York State Teachers Retirement System Lowers Position in Starbucks Corporation $SBUX

New York State Teachers Retirement System trimmed its holdings in shares of Starbucks Corporation (NASDAQ:SBUX) by 0.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 905,807 shares of the coffee company’s stock after selling 6,736 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Starbucks worth $76,631,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Game Plan Financial Advisors LLC bought a new position in shares of Starbucks in the second quarter worth approximately $25,000. Transce3nd LLC grew its stake in Starbucks by 270.3% in the 2nd quarter. Transce3nd LLC now owns 274 shares of the coffee company’s stock worth $25,000 after buying an additional 200 shares in the last quarter. Chelsea Counsel Co. purchased a new position in Starbucks in the 2nd quarter worth approximately $26,000. MTM Investment Management LLC bought a new position in shares of Starbucks in the 2nd quarter worth $28,000. Finally, PFS Partners LLC raised its position in shares of Starbucks by 457.4% during the 3rd quarter. PFS Partners LLC now owns 340 shares of the coffee company’s stock valued at $29,000 after buying an additional 279 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

NASDAQ:SBUX opened at $88.88 on Friday. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm has a market cap of $101.07 billion, a PE ratio of 54.20, a price-to-earnings-growth ratio of 1.87 and a beta of 0.97. The business has a 50 day moving average price of $85.13 and a 200-day moving average price of $87.10.

Starbucks (NASDAQ:SBUX) last issued 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). The firm had revenue of $9.57 billion during the quarter, compared to analysts’ expectations of $9.41 billion. Starbucks had a negative return on equity of 31.32% and a net margin of 4.99%.The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 earnings per share. Research analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, February 13th. Starbucks’s dividend payout ratio is currently 151.22%.

Insider Buying and Selling at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp bought 11,700 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $85.00 per share, with a total value of $994,500.00. Following the completion of the purchase, the director directly owned 53,096 shares of the company’s stock, valued at $4,513,160. This trade represents a 28.26% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SBUX. Mizuho set a $86.00 price target on Starbucks and gave the stock a “neutral” rating in a research note on Friday. Weiss Ratings reissued a “hold (c-)” rating on shares of Starbucks in a report on Monday, December 29th. Dbs Bank lowered Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. UBS Group set a $94.00 price target on shares of Starbucks and gave the company a “neutral” rating in a research report on Tuesday, October 21st. Finally, Citigroup lowered their price objective on shares of Starbucks from $84.00 to $83.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $102.12.

Starbucks Profile

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.