Adage Capital Partners GP L.L.C. Sells 31,653 Shares of Starbucks Co. (NASDAQ:SBUX)

Adage Capital Partners GP L.L.C. lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 985,056 shares of the coffee company's stock after selling 31,653 shares during the period. Adage Capital Partners GP L.L.C. owned 0.09% of Starbucks worth $89,886,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Starbucks in the 4th quarter worth approximately $1,244,812,000. Capital World Investors grew its stake in shares of Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after acquiring an additional 9,174,682 shares during the last quarter. FMR LLC increased its holdings in shares of Starbucks by 27.0% during the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company's stock valued at $2,292,989,000 after acquiring an additional 5,348,790 shares in the last quarter. Capital Research Global Investors raised its position in shares of Starbucks by 167.6% in the 4th quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company's stock worth $519,230,000 after purchasing an additional 3,563,942 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Starbucks in the 4th quarter worth about $284,283,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of Starbucks from $110.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, January 29th. Argus raised shares of Starbucks from a "hold" rating to a "buy" rating and set a $115.00 price target for the company in a research report on Tuesday, March 18th. Wedbush upped their price objective on Starbucks from $95.00 to $100.00 and gave the company a "neutral" rating in a research report on Wednesday, January 29th. Robert W. Baird reissued a "neutral" rating and issued a $85.00 target price (down previously from $114.00) on shares of Starbucks in a report on Monday, April 7th. Finally, Stifel Nicolaus lowered their price target on Starbucks from $114.00 to $103.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $103.00.

Starbucks Stock Up 1.3 %

NASDAQ SBUX opened at $82.80 on Thursday. The stock's 50-day moving average price is $97.38 and its 200-day moving average price is $97.96. The company has a market capitalization of $94.06 billion, a P/E ratio of 26.71, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the business posted $0.90 EPS. Research analysts anticipate that Starbucks Co. will post 2.99 EPS for the current year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 16th will be paid a $0.61 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $2.44 dividend on an annualized basis and a yield of 2.95%. Starbucks's payout ratio is presently 78.71%.

Starbucks 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.

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