Bridges Investment Management Inc. Lowers Stake in Starbucks Co. (NASDAQ:SBUX)

Bridges Investment Management Inc. trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 30.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 7,554 shares of the coffee company’s stock after selling 3,247 shares during the period. Bridges Investment Management Inc.’s holdings in Starbucks were worth $748,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Indiana Trust & Investment Management CO grew its stake in shares of Starbucks by 5.9% in the 2nd quarter. Indiana Trust & Investment Management CO now owns 3,145 shares of the coffee company’s stock valued at $312,000 after purchasing an additional 175 shares during the last quarter. Independence Bank of Kentucky increased its stake in Starbucks by 3.5% in the 2nd quarter. Independence Bank of Kentucky now owns 6,806 shares of the coffee company’s stock valued at $674,000 after buying an additional 230 shares during the period. First Hawaiian Bank raised its position in Starbucks by 9.7% during the 2nd quarter. First Hawaiian Bank now owns 29,204 shares of the coffee company’s stock worth $2,893,000 after buying an additional 2,576 shares during the last quarter. Centre Asset Management LLC purchased a new position in Starbucks during the 2nd quarter worth $9,460,000. Finally, Apella Capital LLC acquired a new stake in shares of Starbucks in the 2nd quarter worth $527,000. Institutional investors and hedge funds own 70.13% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Rachel Ruggeri sold 679 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were 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 in the company, valued at $5,508,956.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.98% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SBUX shares. Citigroup reduced their price objective on shares of Starbucks from $117.00 to $112.00 and set a “neutral” rating for the company in a research report on Monday, July 24th. Wells Fargo & Company reduced their target price on Starbucks from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, July 19th. Stifel Nicolaus lowered their price target on shares of Starbucks from $117.00 to $110.00 and set a “hold” rating on the stock in a research note on Wednesday, August 2nd. Wedbush reduced their price objective on shares of Starbucks from $112.00 to $105.00 in a research note on Wednesday, August 2nd. Finally, Barclays lowered 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. Ten analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.18.

Starbucks Price Performance

Shares of SBUX stock opened at $96.23 on Friday. Starbucks Co. has a 1-year low of $82.43 and a 1-year high of $115.48. The firm’s 50-day simple moving average is $99.18 and its 200-day simple moving average is $101.48. The firm has a market cap of $110.22 billion, a P/E ratio of 29.34, a PEG ratio of 1.71 and a beta of 0.93.

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

Starbucks Company 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.