Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. reduced its stake in Starbucks Co. (NASDAQ:SBUX) by 7.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 240,053 shares of the coffee company’s stock after selling 19,175 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Starbucks were worth $15,781,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SBUX. BlackRock Inc. boosted its holdings in Starbucks by 4.5% during the 1st quarter. BlackRock Inc. now owns 84,291,281 shares of the coffee company’s stock valued at $5,541,310,000 after acquiring an additional 3,614,642 shares during the period. Magellan Asset Management Ltd lifted its position in shares of Starbucks by 12.5% during the fourth quarter. Magellan Asset Management Ltd now owns 32,036,678 shares of the coffee company’s stock worth $2,816,665,000 after purchasing an additional 3,553,788 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Starbucks by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 18,603,871 shares of the coffee company’s stock worth $1,633,457,000 after purchasing an additional 161,755 shares in the last quarter. FMR LLC boosted its stake in shares of Starbucks by 0.9% in the fourth quarter. FMR LLC now owns 16,406,630 shares of the coffee company’s stock valued at $1,442,471,000 after purchasing an additional 144,675 shares during the period. Finally, Norges Bank acquired a new position in shares of Starbucks in the fourth quarter valued at approximately $1,092,239,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

NASDAQ SBUX traded down $0.43 during trading hours on Friday, hitting $77.62. The company had a trading volume of 7,580,153 shares, compared to its average volume of 11,421,882. The business has a 50 day moving average of $73.70 and a 200-day moving average of $80.77. The company has a market cap of $91.19 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 4.57 and a beta of 0.80. Starbucks Co. has a 1-year low of $50.02 and a 1-year high of $99.72.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 28th. The coffee company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). The firm had revenue of $6 billion during the quarter, compared to analysts’ expectations of $5.85 billion. Starbucks had a net margin of 12.71% and a negative return on equity of 50.19%. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. On average, sell-side analysts predict that Starbucks Co. will post 1.24 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Thursday, May 7th. Starbucks’s dividend payout ratio is currently 57.95%.

Several brokerages have commented on SBUX. Wolfe Research assumed coverage on shares of Starbucks in a research report on Friday, April 17th. They issued an “outperform” rating and a $86.00 price target for the company. Piper Sandler decreased their target price on Starbucks from $74.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Citigroup boosted their target price on Starbucks from $82.00 to $89.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Telsey Advisory Group restated a “market perform” rating on shares of Starbucks in a report on Friday, March 6th. Finally, BidaskClub upgraded Starbucks from a “sell” rating to a “hold” rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $81.77.

In other Starbucks news, Director Myron E. Ullman III sold 4,252 shares of Starbucks stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $62.99, for a total value of $267,833.48. Following the transaction, the director now directly owns 22,728 shares in the company, valued at $1,431,636.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jill Walker sold 2,000 shares of Starbucks stock in a transaction on Monday, March 9th. The shares were sold at an average price of $70.14, for a total transaction of $140,280.00. The disclosure for this sale can be found here. Insiders sold 10,504 shares of company stock valued at $726,546 over the last three months. Corporate insiders own 0.41% of the company’s stock.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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