First Midwest Bank Trust Division cut its stake in Starbucks Corp. (NASDAQ:SBUX) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 83,900 shares of the coffee company’s stock after selling 240 shares during the period. First Midwest Bank Trust Division’s holdings in Starbucks Corp. were worth $4,792,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of SBUX. Kistler Tiffany Companies LLC increased its position in shares of 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 in the last quarter. Dubuque Bank & Trust Co. increased its position in shares of Starbucks Corp. by 9.7% in the first quarter. Dubuque Bank & Trust Co. now owns 2,954 shares of the coffee company’s stock valued at $176,000 after buying an additional 262 shares in the last quarter. Community Bank N.A. increased its position in shares of Starbucks Corp. by 4.6% in the second quarter. Community Bank N.A. now owns 3,383 shares of the coffee company’s stock valued at $193,000 after buying an additional 150 shares in the last quarter. Maryland Capital Management bought a new position in shares of Starbucks Corp. during the first quarter valued at approximately $201,000. Finally, Heritage Investors Management Corp bought a new position in shares of Starbucks Corp. during the second quarter valued at approximately $207,000. Institutional investors and hedge funds own 68.13% of the company’s stock.
Starbucks Corp. (NASDAQ:SBUX) traded up 1.29% during mid-day trading on Friday, reaching $54.14. The company had a trading volume of 13,767,754 shares. The stock’s 50-day moving average price is $55.13 and its 200 day moving average price is $56.64. The firm has a market capitalization of $79.40 billion, a PE ratio of 30.42 and a beta of 0.80. Starbucks Corp. has a 52 week low of $52.63 and a 52 week high of $64.00.
Starbucks Corp. (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 21st. The coffee company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Starbucks Corp. had a return on equity of 46.89% and a net margin of 13.01%. On average, equities research analysts predict that Starbucks Corp. will post $1.89 EPS for the current year.
Several research analysts have commented on the company. Vetr upgraded 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 price target on Starbucks Corp. and gave the company a “buy” rating in a research report on Monday, September 12th. Morgan Stanley reiterated an “overweight” rating on shares of Starbucks Corp. in a research report on Wednesday, June 29th. Piper Jaffray Cos. set a $72.00 price target on Starbucks Corp. and gave the company a “buy” rating in a research report on Tuesday, September 20th. Finally, Nomura reiterated a “buy” rating and set a $70.00 price target on shares of Starbucks Corp. in a research report on Monday, July 25th. One 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 given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $66.54.
In other news, Director Myron E. Ullman III sold 12,654 shares of Starbucks Corp. stock in a transaction 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 transaction, the director now directly owns 26,654 shares in the company, valued at approximately $1,564,589.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company 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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