CLS Investments LLC boosted its position in Starbucks Corp. (NASDAQ:SBUX) by 49.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,021 shares of the coffee company’s stock after buying an additional 7,608 shares during the period. CLS Investments LLC’s holdings in Starbucks Corp. were worth $1,315,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in Starbucks Corp. during the second quarter valued at $123,000. Proficio Capital Partners LLC increased its position in Starbucks Corp. by 5.2% in the second quarter. Proficio Capital Partners LLC now owns 2,205 shares of the coffee company’s stock valued at $128,000 after buying an additional 109 shares during the period. LSV Asset Management bought a new position in Starbucks Corp. during the second quarter valued at $134,000. Kistler Tiffany Companies LLC increased its position in Starbucks Corp. by 138.4% in the second quarter. Kistler Tiffany Companies LLC now owns 2,556 shares of the coffee company’s stock valued at $146,000 after buying an additional 1,484 shares during the period. Finally, Global X Management Co. LLC increased its position in Starbucks Corp. by 293.5% in the second quarter. Global X Management Co. LLC now owns 2,833 shares of the coffee company’s stock valued at $162,000 after buying an additional 2,113 shares during the period. Hedge funds and other institutional investors own 68.13% of the company’s stock.
Shares of Starbucks Corp. (NASDAQ:SBUX) traded up 0.11% during trading on Tuesday, hitting $54.10. The stock had a trading volume of 1,258,713 shares. The stock’s 50 day moving average price is $55.30 and its 200-day moving average price is $56.74. The stock has a market cap of $79.34 billion, a P/E ratio of 30.39 and a beta of 0.80. Starbucks Corp. has a one year low of $52.63 and a one year high of $64.00.
Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.49. The business earned $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Starbucks Corp. had a net margin of 13.01% and a return on equity of 46.89%. Analysts expect that Starbucks Corp. will post $1.89 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on SBUX shares. BTIG Research lowered their target price on Starbucks Corp. from $75.00 to $64.00 and set a “buy” rating on the stock in a research report on Friday, July 22nd. RBC Capital Markets reissued an “outperform” rating and set a $68.00 price target on shares of Starbucks Corp. in a report on Monday, July 25th. Piper Jaffray Cos. reissued an “outperform” rating and set a $72.00 price target on shares of Starbucks Corp. in a report on Friday, July 22nd. Macquarie raised Starbucks Corp. from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 14th. Finally, Vetr cut Starbucks Corp. from a “strong-buy” rating to a “buy” rating and set a $62.21 price target on the stock. in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Starbucks Corp. currently has an average rating of “Buy” and a consensus price target of $66.50.
In other news, Director Myron E. Ullman III sold 12,654 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $58.70, for a total transaction of $742,789.80. Following the completion of the sale, the director now owns 26,654 shares in the company, valued at approximately $1,564,589.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.38% of the company’s stock.
About Starbucks Corp.
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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