WestEnd Advisors LLC decreased its position in Starbucks Co. (NASDAQ:SBUX) by 6.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 500,692 shares of the coffee company’s stock after selling 31,795 shares during the quarter. Starbucks comprises about 3.5% of WestEnd Advisors LLC’s holdings, making the stock its 5th largest position. WestEnd Advisors LLC’s holdings in Starbucks were worth $37,221,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Community Bank N.A. grew its holdings in shares of Starbucks by 2.1% during the 1st quarter. Community Bank N.A. now owns 6,783 shares of the coffee company’s stock worth $504,000 after purchasing an additional 140 shares during the period. Kistler Tiffany Companies LLC boosted its holdings in Starbucks by 1.5% in the 1st quarter. Kistler Tiffany Companies LLC now owns 9,461 shares of the coffee company’s stock worth $703,000 after acquiring an additional 142 shares during the period. Orrstown Financial Services Inc. boosted its holdings in Starbucks by 1.2% in the 1st quarter. Orrstown Financial Services Inc. now owns 12,844 shares of the coffee company’s stock worth $955,000 after acquiring an additional 147 shares during the period. Old North State Trust LLC boosted its holdings in Starbucks by 20.6% in the 1st quarter. Old North State Trust LLC now owns 991 shares of the coffee company’s stock worth $73,000 after acquiring an additional 169 shares during the period. Finally, Tiemann Investment Advisors LLC boosted its holdings in Starbucks by 3.5% in the 4th quarter. Tiemann Investment Advisors LLC now owns 5,160 shares of the coffee company’s stock worth $332,000 after acquiring an additional 175 shares during the period. 71.60% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Lucy Lee Helm sold 10,000 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 113,455 shares in the company, valued at approximately $9,416,765. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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. As a group, sell-side analysts forecast that Starbucks Co. will post 2.78 earnings per share for the current fiscal 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 report 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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