Rise Advisors LLC Reduces Position in Starbucks Co. (NASDAQ:SBUX)

Rise Advisors LLC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 29.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 423 shares of the coffee company’s stock after selling 175 shares during the quarter. Rise Advisors LLC’s holdings in Starbucks were worth $42,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SBUX. State Street Corp increased its position in shares of Starbucks by 0.3% during the first quarter. State Street Corp now owns 44,120,185 shares of the coffee company’s stock valued at $4,594,235,000 after buying an additional 135,644 shares during the period. Morgan Stanley increased its position in shares of Starbucks by 46.3% during the fourth quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock valued at $2,650,462,000 after buying an additional 8,451,599 shares during the period. Geode Capital Management LLC increased its position in shares of Starbucks by 1.6% during the first quarter. Geode Capital Management LLC now owns 21,506,132 shares of the coffee company’s stock valued at $2,234,305,000 after buying an additional 330,954 shares during the period. Norges Bank bought a new position in shares of Starbucks in the fourth quarter worth approximately $1,222,931,000. Finally, Fisher Asset Management LLC increased its position in shares of Starbucks by 3.2% in the first quarter. Fisher Asset Management LLC now owns 10,505,963 shares of the coffee company’s stock worth $1,093,986,000 after purchasing an additional 327,312 shares during the last quarter. 70.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SBUX has been the topic of several research analyst reports. Morgan Stanley restated an “equal weight” rating and issued a $104.00 price objective on shares of Starbucks in a research report on Wednesday, August 2nd. StockNews.com initiated coverage on shares of Starbucks in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Citigroup reduced their price target on shares of 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 reduced their price target on shares of Starbucks from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 19th. Finally, Barclays reduced their price target 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 equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $114.18.

Starbucks Price Performance

NASDAQ:SBUX traded down $0.93 during trading hours on Friday, hitting $96.23. The company had a trading volume of 8,767,575 shares, compared to its average volume of 5,203,073. Starbucks Co. has a 52 week low of $82.43 and a 52 week high of $115.48. The company has a market capitalization of $110.22 billion, a PE ratio of 29.34, a price-to-earnings-growth ratio of 1.71 and a beta of 0.93. The stock has a 50-day moving average price of $99.18 and a 200 day moving average price of $101.48.

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

Insider Activity

In other news, CFO Rachel Ruggeri sold 679 shares of the company’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $100.60, for a total transaction of $68,307.40. Following the completion of the sale, the chief financial officer now owns 54,761 shares of the company’s stock, valued at approximately $5,508,956.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.98% of the company’s stock.

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.