Lazard Asset Management LLC Reduces Stock Holdings in Starbucks Corporation $SBUX

Lazard Asset Management LLC lessened its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 5.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,909,300 shares of the coffee company’s stock after selling 119,221 shares during the period. Lazard Asset Management LLC’s holdings in Starbucks were worth $174,948,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SBUX. Vanguard Group Inc. lifted its holdings in shares of Starbucks by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 112,861,623 shares of the coffee company’s stock worth $10,341,511,000 after acquiring an additional 802,053 shares during the last quarter. State Street Corp grew its holdings in Starbucks by 1.2% during the 2nd quarter. State Street Corp now owns 47,513,332 shares of the coffee company’s stock valued at $4,353,647,000 after purchasing an additional 544,534 shares during the last quarter. Geode Capital Management LLC raised its position in Starbucks by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 25,846,634 shares of the coffee company’s stock worth $2,357,815,000 after purchasing an additional 99,983 shares during the period. Wellington Management Group LLP lifted its stake in 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 during the last quarter. Finally, Norges Bank purchased a new position in shares of Starbucks during the second quarter valued at approximately $1,246,316,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

NASDAQ:SBUX opened at $85.35 on Friday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The company has a 50-day moving average of $84.00 and a 200 day moving average of $87.67. The firm has a market cap of $97.05 billion, a PE ratio of 52.04, a price-to-earnings-growth ratio of 1.73 and a beta of 0.98.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 29th. The coffee company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. The business had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. During the same period last year, the business posted $0.80 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. Sell-side analysts anticipate that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 13th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.9%. Starbucks’s payout ratio is 151.22%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley set a $105.00 price target on Starbucks and gave the stock an “overweight” rating in a research note on Monday, October 20th. Wall Street Zen upgraded Starbucks from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. UBS Group set a $94.00 target price on shares of Starbucks and gave the company a “neutral” rating in a research note on Tuesday, October 21st. Zacks Research raised shares of Starbucks from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Royal Bank Of Canada set a $100.00 price objective on shares of Starbucks and gave the company an “outperform” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $101.44.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp bought 11,700 shares of the company’s stock in a transaction on Monday, November 10th. The shares were acquired at an average price of $85.00 per share, with a total value of $994,500.00. Following the transaction, the director owned 53,096 shares of the company’s stock, valued at $4,513,160. The trade was a 28.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

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.