Mount Vernon Associates Inc. MD increased its stake in shares of Starbucks Corp. (NASDAQ:SBUX) by 369.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 24,200 shares of the coffee company’s stock after buying an additional 19,050 shares during the period. Starbucks Corp. accounts for 2.9% of Mount Vernon Associates Inc. MD’s portfolio, making the stock its 10th largest position. Mount Vernon Associates Inc. MD’s holdings in Starbucks Corp. were worth $1,382,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of SBUX. Hermes Investment Management Ltd. raised its stake in Starbucks Corp. by 19.2% in the second quarter. Hermes Investment Management Ltd. now owns 191,294 shares of the coffee company’s stock valued at $10,927,000 after buying an additional 30,800 shares in the last quarter. Adams Diversified Equity Fund Inc. acquired a new stake in Starbucks Corp. during the second quarter valued at approximately $14,354,000. First Republic Investment Management Inc. raised its stake in Starbucks Corp. by 4.9% in the first quarter. First Republic Investment Management Inc. now owns 1,438,991 shares of the coffee company’s stock valued at $85,907,000 after buying an additional 66,883 shares in the last quarter. National Pension Service raised its stake in Starbucks Corp. by 4.1% in the first quarter. National Pension Service now owns 774,160 shares of the coffee company’s stock valued at $46,217,000 after buying an additional 30,627 shares in the last quarter. Finally, Ledyard National Bank raised its stake in Starbucks Corp. by 5.7% in the second quarter. Ledyard National Bank now owns 124,528 shares of the coffee company’s stock valued at $7,113,000 after buying an additional 6,720 shares in the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.
Starbucks Corp. (NASDAQ:SBUX) traded up 0.07% during trading on Friday, hitting $54.43. 6,945,147 shares of the stock were exchanged. The stock has a market capitalization of $79.83 billion, a price-to-earnings ratio of 30.58 and a beta of 0.80. Starbucks Corp. has a 52 week low of $52.63 and a 52 week high of $64.00. The firm has a 50-day moving average of $55.35 and a 200-day moving average of $56.78.
Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 21st. The coffee company reported $0.49 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.49. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Starbucks Corp. had a net margin of 13.01% and a return on equity of 46.89%. Equities research analysts anticipate that Starbucks Corp. will post $1.89 earnings per share for the current fiscal year.
Several analysts recently commented on the stock. Vetr raised shares of Starbucks Corp. from a “buy” rating to a “strong-buy” rating and set a $61.76 target price for the company in a research note on Monday, August 22nd. BTIG Research set a $64.00 target price on shares of Starbucks Corp. and gave the company a “buy” rating in a research note on Monday, September 12th. Morgan Stanley reissued an “overweight” rating on shares of Starbucks Corp. in a research note on Wednesday, June 29th. Piper Jaffray Cos. set a $72.00 price target on shares of Starbucks Corp. and gave the company a “buy” rating in a research report on Tuesday. Finally, Nomura restated a “buy” rating and issued a $70.00 price target on shares of Starbucks Corp. in a research report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus 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 business’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $58.70, for a total value of $742,789.80. Following the sale, the director now owns 26,654 shares of the company’s stock, valued at $1,564,589.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.38% of the stock is currently owned by insiders.
Starbucks Corp. Company Profile
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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