Wellesley Investment Partners LLC reduced its stake in shares of Starbucks Corp. (NASDAQ:SBUX) by 13.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,922 shares of the coffee company’s stock after selling 950 shares during the period. Wellesley Investment Partners LLC’s holdings in Starbucks Corp. were worth $338,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new stake in shares of Starbucks Corp. during the second quarter worth approximately $204,254,000. Emerald Acquisition Ltd. acquired a new stake in shares of Starbucks Corp. during the second quarter worth approximately $148,507,000. Ameriprise Financial Inc. raised its stake in shares of Starbucks Corp. by 75.9% in the second quarter. Ameriprise Financial Inc. now owns 4,360,676 shares of the coffee company’s stock worth $249,099,000 after buying an additional 1,882,130 shares during the period. Glenmede Trust Co. NA raised its stake in shares of Starbucks Corp. by 981.6% in the first quarter. Glenmede Trust Co. NA now owns 1,193,313 shares of the coffee company’s stock worth $71,239,000 after buying an additional 1,082,983 shares during the period. Finally, William Blair Investment Management LLC raised its stake in shares of Starbucks Corp. by 236.9% in the second quarter. William Blair Investment Management LLC now owns 1,492,312 shares of the coffee company’s stock worth $85,241,000 after buying an additional 1,049,293 shares during the period. Institutional investors own 68.13% of the company’s stock.
Shares of Starbucks Corp. (NASDAQ:SBUX) traded down 0.877% during mid-day trading on Wednesday, reaching $53.715. The company had a trading volume of 2,504,756 shares. Starbucks Corp. has a 1-year low of $52.63 and a 1-year high of $64.00. The firm has a 50-day moving average price of $55.27 and a 200-day moving average price of $56.72. The stock has a market capitalization of $78.78 billion, a price-to-earnings ratio of 30.177 and a beta of 0.80.
Starbucks Corp. (NASDAQ:SBUX) last released its quarterly earnings data 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. Starbucks Corp. had a return on equity of 46.89% and a net margin of 13.01%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Equities analysts expect that Starbucks Corp. will post $1.89 earnings per share for the current year.
Several analysts have recently issued reports on SBUX shares. Deutsche Bank AG set a $64.00 target price on shares of Starbucks Corp. and gave the stock a “hold” rating in a research note on Sunday, July 24th. Vetr lowered shares of Starbucks Corp. from a “strong-buy” rating to a “buy” rating and set a $62.76 target price for the company. in a research note on Monday, July 11th. Credit Agricole SA reduced their target price on shares of Starbucks Corp. from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday. Cowen and Company reiterated a “buy” rating on shares of Starbucks Corp. in a research note on Monday, July 18th. Finally, Piper Jaffray Cos. reiterated an “outperform” rating and issued a $72.00 target price on shares of Starbucks Corp. in a research note on Friday, July 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $66.36.
In other Starbucks Corp. news, Director Myron E. Ullman III sold 12,654 shares of Starbucks Corp. stock in a transaction that occurred on Tuesday, July 26th. The stock was 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 approximately $1,564,589.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.38% of the stock is owned by company insiders.
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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