California Public Employees Retirement System grew its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,141,872 shares of the coffee company’s stock after purchasing an additional 72,485 shares during the period. California Public Employees Retirement System owned approximately 0.25% of Starbucks worth $233,567,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of the business. Copeland Capital Management LLC grew its stake in Starbucks by 0.3% during the fourth quarter. Copeland Capital Management LLC now owns 91,358 shares of the coffee company’s stock worth $5,883,000 after purchasing an additional 250 shares during the period. Ackerman Capital Advisors LLC purchased a new position in Starbucks in the fourth quarter worth about $224,000. Iberiabank Corp grew its position in Starbucks by 88.3% in the fourth quarter. Iberiabank Corp now owns 142,763 shares of the coffee company’s stock worth $9,194,000 after acquiring an additional 66,952 shares in the last quarter. Wambolt & Associates LLC purchased a new position in Starbucks in the fourth quarter worth about $362,000. Finally, Ocean Capital Management LLC purchased a new position in Starbucks in the fourth quarter worth about $1,665,000. 71.60% of the stock is owned by institutional investors.
In other news, insider John Culver sold 63,937 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $78.04, for a total value of $4,989,643.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Myron E. Ullman III sold 9,973 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $76.12, for a total transaction of $759,144.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 83,910 shares of company stock worth $6,578,788. Insiders own 3.98% of the company’s stock.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, April 25th. The coffee company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. Starbucks had a negative return on equity of 494.61% and a net margin of 11.87%. The firm had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $6.33 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. Sell-side analysts expect that Starbucks Co. will post 2.78 EPS for the current year.
Several equities research analysts have recently issued reports on the stock. BidaskClub lowered shares of Starbucks from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 12th. UBS Group lowered shares of Starbucks from a “buy” rating to a “neutral” rating and raised their price objective for the company from $72.00 to $78.00 in a research report on Monday, April 8th. Piper Jaffray Companies raised their price objective on shares of Starbucks from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Mizuho set a $75.00 price objective on shares of Starbucks and gave the company a “buy” rating in a research report on Thursday, April 11th. Finally, Wedbush reaffirmed a “hold” rating and set a $70.00 price objective on shares of Starbucks in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Starbucks currently has an average rating of “Buy” and an average target price of $104.95.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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