Telemus Capital LLC lowered its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,095 shares of the coffee company’s stock after selling 1,150 shares during the quarter. Telemus Capital LLC’s holdings in Starbucks were worth $2,090,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the stock. State Street Corp lifted its stake in Starbucks by 0.3% during the first quarter. State Street Corp now owns 44,120,185 shares of the coffee company’s stock worth $4,594,235,000 after purchasing an additional 135,644 shares in the last quarter. Morgan Stanley lifted its stake in Starbucks by 46.3% during the fourth quarter. Morgan Stanley now owns 26,718,368 shares of the coffee company’s stock worth $2,650,462,000 after purchasing an additional 8,451,599 shares in the last quarter. Geode Capital Management LLC lifted its stake in Starbucks by 1.6% during the first quarter. Geode Capital Management LLC now owns 21,506,132 shares of the coffee company’s stock worth $2,234,305,000 after purchasing an additional 330,954 shares in the last quarter. Norges Bank acquired a new stake in shares of Starbucks during the fourth quarter worth about $1,222,931,000. Finally, Fisher Asset Management LLC boosted its stake 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 valued at $1,093,986,000 after purchasing an additional 327,312 shares during the period. Institutional investors and hedge funds own 70.13% of the company’s stock.
In other news, CFO Rachel Ruggeri sold 679 shares of the business’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 transaction, the chief financial officer now directly owns 54,761 shares in the company, valued at $5,508,956.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.98% of the company’s stock.
Starbucks Stock Performance
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The coffee company reported $1.00 EPS 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 quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 earnings per share. Research analysts predict that Starbucks Co. will post 3.45 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reduced their target price on shares of Starbucks from $117.00 to $110.00 and set a “hold” rating on the stock in a report on Wednesday, August 2nd. TD Cowen reaffirmed an “outperform” rating and issued a $117.00 price target on shares of Starbucks in a research report on Wednesday, August 2nd. Wedbush reduced their price target on Starbucks from $112.00 to $105.00 in a research report on Wednesday, August 2nd. Bank of America increased their price target on Starbucks from $131.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $104.00 price target on shares of Starbucks in a research report on Wednesday, August 2nd. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and an average target price of $115.24.
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.
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