McAlister Sweet & Associates Inc. Takes $2.45 Million Position in Starbucks Co. (NASDAQ:SBUX)

McAlister Sweet & Associates Inc. acquired a new position in Starbucks Co. (NASDAQ:SBUX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,726 shares of the coffee company’s stock, valued at approximately $2,449,000. Starbucks comprises approximately 2.1% of McAlister Sweet & Associates Inc.’s holdings, making the stock its 15th largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quilter Plc acquired a new position in shares of Starbucks during the 1st quarter valued at about $208,530,000. America First Investment Advisors LLC acquired a new position in Starbucks during the first quarter valued at approximately $25,000. Cranbrook Wealth Management LLC bought a new position in shares of Starbucks in the first quarter valued at approximately $26,000. Freedom Wealth Alliance LLC acquired a new stake in shares of Starbucks in the fourth quarter worth $26,000. Finally, Princeton Global Asset Management LLC bought a new stake in shares of Starbucks during the 1st quarter worth $29,000. Institutional investors own 70.13% of the company’s stock.

Starbucks Stock Up 0.3 %

NASDAQ:SBUX traded up $0.27 during trading hours on Thursday, reaching $97.20. The company had a trading volume of 1,562,052 shares, compared to its average volume of 6,202,007. The firm has a market capitalization of $111.33 billion, a PE ratio of 29.55, a PEG ratio of 1.67 and a beta of 0.93. The stock has a 50-day moving average of $99.19 and a two-hundred day moving average of $101.54. Starbucks Co. has a one year low of $82.43 and a one year high of $115.48.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, August 1st. The coffee company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.05. The firm had revenue of $9.17 billion during the quarter, compared to the consensus estimate of $9.29 billion. Starbucks had a net margin of 10.81% and a negative return on equity of 44.46%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period last year, the firm posted $0.84 EPS. As a group, sell-side analysts expect that Starbucks Co. will post 3.45 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Citigroup lowered their price target on Starbucks from $117.00 to $112.00 and set a “neutral” rating on the stock in a research report on Monday, July 24th. Wells Fargo & Company dropped their price target on Starbucks from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 19th. TD Cowen reissued an “outperform” rating and issued a $117.00 price objective on shares of Starbucks in a research report on Wednesday, August 2nd. Barclays dropped their target price on shares of Starbucks from $127.00 to $123.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 2nd. Finally, Stephens reissued an “equal weight” rating and issued a $110.00 price target on shares of Starbucks in a report on Wednesday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks has an average rating of “Moderate Buy” and a consensus target price of $113.70.

Insider Transactions at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 679 shares of the business’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $100.60, for a total value of $68,307.40. Following the transaction, the chief financial officer now owns 54,761 shares of the company’s stock, valued at $5,508,956.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.98% of the stock is owned by company insiders.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.