Suvretta Capital Management LLC Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Suvretta Capital Management LLC lessened its position in Starbucks Co. (NASDAQ:SBUX) by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 514,922 shares of the coffee company’s stock after selling 35,387 shares during the quarter. Starbucks makes up 1.6% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 18th largest holding. Suvretta Capital Management LLC’s holdings in Starbucks were worth $46,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SBUX. Strategic Financial Concepts LLC acquired a new position in shares of Starbucks during the 4th quarter worth about $62,000. Arizona State Retirement System lifted its position in Starbucks by 0.8% during the 4th quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company’s stock worth $29,881,000 after acquiring an additional 2,722 shares during the period. West Michigan Advisors LLC acquired a new stake in Starbucks during the 4th quarter worth approximately $265,000. Wernau Asset Management Inc. acquired a new stake in shares of Starbucks in the 4th quarter valued at approximately $258,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Starbucks in the 4th quarter valued at approximately $9,497,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

SBUX has been the subject of several research analyst reports. Citigroup dropped their price objective on Starbucks from $88.00 to $84.00 and set a “neutral” rating for the company in a research note on Wednesday, April 30th. StockNews.com raised Starbucks from a “sell” rating to a “hold” rating in a research note on Saturday, May 10th. Jefferies Financial Group raised Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective for the company in a research note on Wednesday, April 9th. Wells Fargo & Company dropped their price objective on Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, UBS Group dropped their price target on Starbucks from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $98.72.

Starbucks Trading Down 1.9%

Shares of Starbucks stock opened at $85.57 on Friday. The business’s 50 day simple moving average is $88.15 and its 200-day simple moving average is $96.50. The stock has a market capitalization of $97.24 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 3.59 and a beta of 0.99. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. The business had revenue of $8.76 billion during the quarter, compared to analyst estimates of $8.90 billion. During the same quarter in the prior year, the business earned $0.68 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. Sell-side analysts predict that Starbucks Co. will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend is Friday, May 16th. Starbucks’s dividend payout ratio is presently 88.41%.

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.