State of Michigan Retirement System raised its stake in Starbucks Co. (NASDAQ:SBUX) by 10.2% during the second quarter, Holdings Channel.com reports. The firm owned 298,342 shares of the coffee company’s stock after purchasing an additional 27,582 shares during the quarter. State of Michigan Retirement System’s holdings in Starbucks were worth $21,955,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of SBUX. Guggenheim Capital LLC raised its position in Starbucks by 13.7% in the 4th quarter. Guggenheim Capital LLC now owns 658,726 shares of the coffee company’s stock valued at $57,914,000 after purchasing an additional 79,557 shares in the last quarter. Sunbelt Securities Inc. raised its position in Starbucks by 2.0% in the 4th quarter. Sunbelt Securities Inc. now owns 19,699 shares of the coffee company’s stock valued at $1,704,000 after purchasing an additional 395 shares in the last quarter. Macquarie Group Ltd. raised its position in Starbucks by 4.4% in the 4th quarter. Macquarie Group Ltd. now owns 150,542 shares of the coffee company’s stock valued at $13,236,000 after purchasing an additional 6,390 shares in the last quarter. Franklin Resources Inc. raised its position in Starbucks by 9.5% in the 4th quarter. Franklin Resources Inc. now owns 1,361,298 shares of the coffee company’s stock valued at $119,685,000 after purchasing an additional 117,735 shares in the last quarter. Finally, Stillwater Investment Management LLC raised its position in Starbucks by 0.5% in the 1st quarter. Stillwater Investment Management LLC now owns 38,289 shares of the coffee company’s stock valued at $2,517,000 after purchasing an additional 183 shares in the last quarter. 68.51% of the stock is currently owned by institutional investors.

SBUX has been the topic of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on Starbucks from $86.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, June 11th. Stifel Nicolaus increased their price objective on Starbucks from $75.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday. UBS Group increased their price objective on Starbucks from $77.00 to $81.00 and gave the company a “neutral” rating in a report on Wednesday. Stephens increased their price objective on Starbucks from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Bank of America increased their price objective on Starbucks from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $84.04.

In related news, CAO Jill Walker sold 2,000 shares of Starbucks stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $82.64, for a total transaction of $165,280.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Myron E. Ullman III sold 4,252 shares of Starbucks stock in a transaction on Monday, June 1st. The stock was sold at an average price of $77.66, for a total value of $330,210.32. The disclosure for this sale can be found here. Insiders sold a total of 10,504 shares of company stock valued at $810,521 over the last three months. Insiders own 0.41% of the company’s stock.

Shares of SBUX stock traded down $0.11 during midday trading on Friday, hitting $76.53. The company had a trading volume of 7,424,977 shares, compared to its average volume of 8,243,539. The company’s 50 day simple moving average is $74.75 and its 200 day simple moving average is $77.29. Starbucks Co. has a 52-week low of $50.02 and a 52-week high of $98.14. The stock has a market cap of $89.59 billion, a price-to-earnings ratio of 68.95, a PEG ratio of 5.87 and a beta of 0.79.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 28th. The coffee company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.61) by $0.15. The business had revenue of $4.22 billion during the quarter, compared to analysts’ expectations of $4.14 billion. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The company’s quarterly revenue was down 38.1% compared to the same quarter last year. During the same period last year, the firm earned $0.78 EPS. Analysts forecast that Starbucks Co. will post 0.95 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be issued a $0.41 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.64 annualized dividend and a dividend yield of 2.14%. Starbucks’s dividend payout ratio is currently 57.95%.

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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