Resona Asset Management Co. Ltd. Invests $29.60 Million in Starbucks Co. (NASDAQ:SBUX)

Resona Asset Management Co. Ltd. purchased a new stake in Starbucks Co. (NASDAQ:SBUX - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 323,858 shares of the coffee company's stock, valued at approximately $29,598,000.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Starbucks during the fourth quarter valued at $1,244,812,000. Raymond James Financial Inc. acquired a new position in shares of Starbucks in the fourth quarter valued at about $284,283,000. Assenagon Asset Management S.A. raised its position in Starbucks by 1,491.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company's stock worth $256,282,000 after buying an additional 2,632,087 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of Starbucks in the 3rd quarter valued at $126,574,000. Finally, Vanguard Group Inc. raised its holdings in shares of Starbucks by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 111,106,209 shares of the coffee company's stock worth $10,138,442,000 after purchasing an additional 784,432 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded down $1.47 during midday trading on Friday, reaching $83.13. 2,745,652 shares of the company's stock were exchanged, compared to its average volume of 11,426,930. The stock has a market cap of $94.43 billion, a price-to-earnings ratio of 26.83, a P/E/G ratio of 3.59 and a beta of 1.00. The firm's 50 day simple moving average is $102.66 and its two-hundred day simple moving average is $98.85. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $117.46.

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Starbucks (NASDAQ:SBUX - Get Free Report) last released its earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (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 last year, the firm posted $0.90 EPS. Equities research analysts predict that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be paid a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Friday, May 16th. Starbucks's payout ratio is presently 78.71%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $115.00 price target on shares of Starbucks in a research report on Friday, January 24th. Robert W. Baird reissued a "neutral" rating and issued a $85.00 price target (down from $114.00) on shares of Starbucks in a report on Monday. Barclays raised their price objective on shares of Starbucks from $119.00 to $124.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Wedbush increased their price target on shares of Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, January 29th. Finally, Argus upgraded Starbucks from a "hold" rating to a "buy" rating and set a $115.00 price target for the company in a research note on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $105.12.

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.