Mechanics Bank Trust Department Purchases 767 Shares of Starbucks Co. (NASDAQ:SBUX)

Mechanics Bank Trust Department increased its position in Starbucks Co. (NASDAQ:SBUX) by 7.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,903 shares of the coffee company’s stock after acquiring an additional 767 shares during the period. Mechanics Bank Trust Department’s holdings in Starbucks were worth $1,080,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SBUX. Sanders Morris Harris LLC bought a new stake in shares of Starbucks during the 2nd quarter valued at $532,000. Allied Investment Advisors LLC grew its holdings in Starbucks by 9.9% during the second quarter. Allied Investment Advisors LLC now owns 7,630 shares of the coffee company’s stock valued at $756,000 after purchasing an additional 690 shares during the period. Level Four Advisory Services LLC increased its position in Starbucks by 2.9% in the second quarter. Level Four Advisory Services LLC now owns 9,945 shares of the coffee company’s stock worth $985,000 after buying an additional 279 shares in the last quarter. First Affirmative Financial Network raised its stake in shares of Starbucks by 16.0% in the second quarter. First Affirmative Financial Network now owns 4,254 shares of the coffee company’s stock worth $421,000 after buying an additional 587 shares during the period. Finally, City State Bank lifted its position in shares of Starbucks by 37.3% during the 2nd quarter. City State Bank now owns 7,214 shares of the coffee company’s stock valued at $715,000 after buying an additional 1,959 shares in the last quarter. Hedge funds and other institutional investors own 70.13% of the company’s stock.

Starbucks Price Performance

Shares of SBUX stock opened at $96.23 on Friday. The company has a market capitalization of $110.22 billion, a P/E ratio of 29.34, a P/E/G ratio of 1.71 and a beta of 0.93. The company’s 50-day simple moving average is $99.19 and its two-hundred day simple moving average is $101.43. 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 data on Tuesday, August 1st. The coffee company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.05. The company had revenue of $9.17 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a negative return on equity of 44.46% and a net margin of 10.81%. Starbucks’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 earnings per share. On average, research analysts expect that Starbucks Co. will post 3.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SBUX. Bank of America raised their target price on shares of Starbucks from $131.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Stifel Nicolaus decreased their price objective on shares of Starbucks from $117.00 to $110.00 and set a “hold” rating on the stock in a research report on Wednesday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $104.00 target price on shares of Starbucks in a report on Wednesday, August 2nd. Barclays decreased their price target on Starbucks from $127.00 to $123.00 and set an “overweight” rating on the stock in a report on Wednesday, August 2nd. Finally, Citigroup dropped their price objective on Starbucks from $117.00 to $112.00 and set a “neutral” rating for the company in a research note on Monday, July 24th. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.24.

Insider Activity

In other Starbucks news, CFO Rachel Ruggeri sold 679 shares of the 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 transaction, the chief financial officer now directly owns 54,761 shares in the company, valued at approximately $5,508,956.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.