Jennison Associates LLC Decreases Stock Position in Starbucks Corporation $SBUX

Jennison Associates LLC cut its position in Starbucks Corporation (NASDAQ:SBUX) by 33.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,512,982 shares of the coffee company’s stock after selling 2,823,844 shares during the quarter. Jennison Associates LLC’s holdings in Starbucks were worth $505,154,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SBUX. Game Plan Financial Advisors LLC acquired a new stake in Starbucks in the second quarter valued at $25,000. Chelsea Counsel Co. acquired a new stake in Starbucks in the second quarter valued at $26,000. Hughes Financial Services LLC acquired a new stake in Starbucks in the first quarter valued at $27,000. CBIZ Investment Advisory Services LLC raised its holdings in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company’s stock valued at $28,000 after acquiring an additional 159 shares in the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new stake in Starbucks in the first quarter valued at $29,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $85.43 on Wednesday. The stock has a market capitalization of $97.11 billion, a price-to-earnings ratio of 36.82, a price-to-earnings-growth ratio of 4.38 and a beta of 1.01. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The company’s fifty day moving average is $84.79 and its two-hundred day moving average is $87.51.

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

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 14th will be issued a $0.62 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.9%. Starbucks’s dividend payout ratio is 105.17%.

Analyst Upgrades and Downgrades

SBUX has been the topic of several recent analyst reports. BTIG Research set a $105.00 price target on shares of Starbucks in a report on Thursday, September 25th. Mizuho set a $84.00 price target on shares of Starbucks and gave the company a “neutral” rating in a report on Monday. UBS Group set a $94.00 price target on shares of Starbucks and gave the company a “neutral” rating in a report on Tuesday, October 21st. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the company from $100.00 to $115.00 in a report on Tuesday, August 12th. Finally, Barclays dropped their target price on shares of Starbucks from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.12.

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.