Canada Pension Plan Investment Board Acquires 511,621 Shares of Starbucks Co. (NASDAQ:SBUX)

Canada Pension Plan Investment Board boosted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 56.7% in the first quarter, Holdings Channel reports. The firm owned 1,414,404 shares of the coffee company’s stock after purchasing an additional 511,621 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Starbucks were worth $129,262,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Starbucks in the 4th quarter worth approximately $1,240,652,000. Ontario Teachers Pension Plan Board bought a new position in Starbucks in the 1st quarter valued at $415,167,000. Flossbach Von Storch AG boosted its stake in Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after purchasing an additional 2,897,282 shares in the last quarter. Capital World Investors bought a new stake in shares of Starbucks during the first quarter worth $257,721,000. Finally, Van ECK Associates Corp increased its stake in shares of Starbucks by 2,624.3% in the first quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock valued at $196,516,000 after buying an additional 2,071,378 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Up 1.0 %

Shares of NASDAQ:SBUX traded up $0.73 during midday trading on Friday, hitting $74.05. The stock had a trading volume of 12,387,111 shares, compared to its average volume of 11,764,148. The company has a market cap of $83.88 billion, a P/E ratio of 20.40, a PEG ratio of 1.66 and a beta of 0.94. The business’s 50-day simple moving average is $77.88 and its 200-day simple moving average is $85.24. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. During the same quarter last year, the firm earned $0.74 earnings per share. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities analysts predict that Starbucks Co. will post 3.57 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,250 shares of company stock valued at $579,375. 1.98% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SBUX has been the subject of a number of research reports. Citigroup lowered their price target on shares of Starbucks from $85.00 to $80.00 and set a “neutral” rating for the company in a report on Monday, July 22nd. Wells Fargo & Company lowered their target price on Starbucks from $105.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. UBS Group decreased their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. William Blair cut Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Finally, Wedbush reduced their target price on shares of Starbucks from $81.00 to $77.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. Seventeen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $91.71.

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.