OVERSEA CHINESE BANKING Corp Ltd Decreases Stock Holdings in Starbucks Corporation $SBUX

OVERSEA CHINESE BANKING Corp Ltd lowered its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 54.9% during the third quarter, Holdings Channel.com reports. The firm owned 6,648 shares of the coffee company’s stock after selling 8,082 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Starbucks were worth $554,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position 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 buying an additional 802,053 shares during the last quarter. State Street Corp grew its holdings in Starbucks by 1.2% in the second quarter. State Street Corp now owns 47,513,332 shares of the coffee company’s stock worth $4,353,647,000 after purchasing an additional 544,534 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Starbucks by 0.4% during the second 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 in the last quarter. Norges Bank purchased a new stake in shares of Starbucks during the 2nd quarter valued at $1,246,316,000. Finally, Invesco Ltd. boosted its position in shares of Starbucks by 11.2% in the 2nd quarter. Invesco Ltd. now owns 12,757,954 shares of the coffee company’s stock worth $1,169,011,000 after purchasing an additional 1,286,451 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

SBUX stock opened at $93.28 on Friday. The company has a market capitalization of $106.07 billion, a P/E ratio of 56.88, a price-to-earnings-growth ratio of 1.92 and a beta of 0.97. Starbucks Corporation has a 12 month low of $75.50 and a 12 month high of $117.46. The firm’s fifty day simple moving average is $85.91 and its 200-day simple moving average is $87.12.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). Starbucks had a net margin of 4.99% and a negative return on equity of 31.32%. The company had revenue of $9.57 billion for the quarter, compared to analysts’ expectations of $9.41 billion. During the same quarter in the prior year, the business posted $0.80 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 13th will be paid a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.7%. Starbucks’s payout ratio is currently 151.22%.

Analyst Ratings Changes

Several brokerages recently issued reports on SBUX. Barclays reaffirmed an “overweight” rating and set a $110.00 target price (up from $95.00) on shares of Starbucks in a research report on Wednesday, January 7th. Mizuho set a $86.00 price objective on shares of Starbucks and gave the company a “neutral” rating in a report on Friday, January 9th. Dbs Bank cut shares of Starbucks from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Starbucks in a research report on Monday, December 29th. Finally, Morgan Stanley set a $105.00 price target on shares of Starbucks and gave the stock an “overweight” rating in a report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Insider Buying and Selling at Starbucks

In other news, Director Jorgen Vig Knudstorp acquired 11,700 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $85.00 per share, for a total transaction of $994,500.00. Following the acquisition, the director owned 53,096 shares in the company, valued at approximately $4,513,160. This represents a 28.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is currently owned by company insiders.

Starbucks Company 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.