Prudential PLC Sells 16,587 Shares of Starbucks Co. (NASDAQ:SBUX)

Prudential PLC lessened its holdings in Starbucks Co. (NASDAQ:SBUX) by 21.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 60,398 shares of the coffee company’s stock after selling 16,587 shares during the period. Prudential PLC’s holdings in Starbucks were worth $5,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SBUX. Strategic Financial Concepts LLC acquired a new position in Starbucks during the fourth quarter worth $62,000. Arizona State Retirement System increased its position in shares of 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 purchasing an additional 2,722 shares in the last quarter. West Michigan Advisors LLC bought a new position in Starbucks during the 4th quarter valued at about $265,000. Wernau Asset Management Inc. acquired a new position in Starbucks in the fourth quarter valued at about $258,000. Finally, OFI Invest Asset Management bought a new stake in Starbucks during the fourth quarter worth about $9,497,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Price Performance

Starbucks stock opened at $82.10 on Friday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $117.46. The firm has a market capitalization of $93.26 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 3.59 and a beta of 1.00. The company’s 50 day simple moving average is $105.32 and its 200 day simple moving average is $99.38.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period last year, the business posted $0.90 earnings per share. As a group, analysts predict that Starbucks Co. will post 2.99 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, May 16th. Starbucks’s dividend payout ratio (DPR) is presently 78.71%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SBUX. Stifel Nicolaus boosted their target price on Starbucks from $110.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $115.00 target price on the stock in a report on Tuesday, March 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Starbucks in a report on Friday, January 24th. Wedbush raised their price objective on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Finally, UBS Group boosted their target price on shares of Starbucks from $98.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $106.12.

Starbucks Company 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.