Smith Salley & Associates grew its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 3.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,877 shares of the coffee company’s stock after acquiring an additional 177 shares during the quarter. Smith Salley & Associates’ holdings in Starbucks were worth $363,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Starbucks by 5,590.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,679,558 shares of the coffee company’s stock worth $368,000 after purchasing an additional 23,263,399 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Starbucks by 0.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,579,438 shares of the coffee company’s stock worth $874,515,000 after acquiring an additional 100,049 shares during the period. Norges Bank purchased a new position in Starbucks in the 4th quarter worth approximately $807,368,000. Legal & General Group Plc boosted its holdings in Starbucks by 1.4% in the 4th quarter. Legal & General Group Plc now owns 6,545,000 shares of the coffee company’s stock worth $421,405,000 after acquiring an additional 91,187 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in Starbucks in the 4th quarter worth approximately $352,796,000. 71.60% of the stock is owned by institutional investors.
In related news, EVP Lucy Lee Helm sold 10,000 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $83.00, for a total value of $830,000.00. Following the completion of the sale, the executive vice president now directly owns 113,455 shares of the company’s stock, valued at approximately $9,416,765. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Culver sold 63,937 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $78.04, for a total value of $4,989,643.48. The disclosure for this sale can be found here. Insiders sold a total of 83,910 shares of company stock valued at $6,578,788 in the last quarter. 3.98% of the stock is currently owned by corporate insiders.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Thursday, April 25th. The coffee company reported $0.60 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $6.31 billion during the quarter, compared to analyst estimates of $6.33 billion. During the same quarter last year, the company posted $0.53 EPS. Starbucks’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities research analysts anticipate that Starbucks Co. will post 2.78 earnings per share for the current year.
SBUX has been the subject of a number of analyst reports. Citigroup initiated coverage on Starbucks in a report on Wednesday. They issued a “buy” rating and a $83.65 price target for the company. Piper Jaffray Companies upped their price target on Starbucks from $70.00 to $77.00 and gave the stock a “positive” rating in a report on Friday, April 26th. Mizuho set a $75.00 price target on Starbucks and gave the stock a “buy” rating in a report on Thursday, April 11th. BidaskClub upgraded Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 4th. Finally, Stephens increased their target price on Starbucks from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Starbucks presently 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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