State of Michigan Retirement System cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 0.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 285,660 shares of the coffee company’s stock after selling 2,100 shares during the period. State of Michigan Retirement System’s holdings in Starbucks were worth $25,115,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in the stock. State of New Jersey Common Pension Fund D acquired a new position in Starbucks in the third quarter valued at approximately $83,893,000. Banco Santander S.A. raised its position in shares of Starbucks by 1,336.5% during the 3rd quarter. Banco Santander S.A. now owns 920,478 shares of the coffee company’s stock worth $81,389,000 after purchasing an additional 856,400 shares during the period. Point72 Asset Management L.P. lifted its holdings in shares of Starbucks by 3,690.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 621,731 shares of the coffee company’s stock worth $54,973,000 after purchasing an additional 605,330 shares during the last quarter. Squarepoint Ops LLC boosted its position in Starbucks by 46.4% during the 3rd quarter. Squarepoint Ops LLC now owns 1,546,622 shares of the coffee company’s stock valued at $136,752,000 after purchasing an additional 490,028 shares during the period. Finally, California Public Employees Retirement System boosted its position in Starbucks by 14.9% during the 3rd quarter. California Public Employees Retirement System now owns 3,719,344 shares of the coffee company’s stock valued at $328,864,000 after purchasing an additional 482,072 shares during the period. 69.97% of the stock is owned by institutional investors and hedge funds.
In other Starbucks news, CAO Jill Walker sold 2,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $86.47, for a total transaction of $172,940.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lucy Lee Helm sold 18,982 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $88.49, for a total value of $1,679,717.18. The disclosure for this sale can be found here. Insiders sold 35,207 shares of company stock valued at $3,072,954 over the last quarter. Insiders own 3.98% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.70 EPS for the quarter, hitting analysts’ consensus estimates of $0.70. The company had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.68 billion. Starbucks had a net margin of 13.58% and a negative return on equity of 75.45%. Starbucks’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.62 EPS. As a group, research analysts anticipate that Starbucks Co. will post 3.05 earnings per share for the current fiscal year.
Several brokerages have weighed in on SBUX. JPMorgan Chase & Co. raised Starbucks to a “buy” rating and set a $94.00 target price on the stock in a research report on Tuesday, January 7th. Bank of America set a $100.00 target price on Starbucks and gave the company a “buy” rating in a research note on Monday, September 30th. Weeden reissued a “neutral” rating on shares of Starbucks in a report on Friday, November 1st. Wedbush restated a “neutral” rating on shares of Starbucks in a research report on Thursday, October 31st. Finally, Barclays raised shares of Starbucks from an “equal weight” rating to an “overweight” rating and set a $107.00 price objective on the stock in a report on Thursday, January 9th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and thirteen have issued a buy rating to the company. Starbucks has a consensus rating of “Hold” and a consensus target price of $93.19.
Starbucks Company Profile
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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