Covenant Asset Management LLC raised its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 4.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,857 shares of the coffee company’s stock after purchasing an additional 951 shares during the period. Covenant Asset Management LLC’s holdings in Starbucks were worth $2,264,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently made changes to their positions in SBUX. America First Investment Advisors LLC purchased a new position in shares of Starbucks in the first quarter valued at $25,000. Cranbrook Wealth Management LLC bought a new position in Starbucks during the first quarter valued at $26,000. Freedom Wealth Alliance LLC purchased a new position in shares of Starbucks in the 4th quarter worth $26,000. Delta Asset Management LLC TN bought a new stake in shares of Starbucks in the 4th quarter worth about $28,000. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of Starbucks during the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 70.13% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Wells Fargo & Company dropped their price target on Starbucks from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, July 19th. StockNews.com assumed coverage on Starbucks in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Stephens restated an “equal weight” rating and issued a $110.00 price target on shares of Starbucks in a research report on Wednesday, August 2nd. Bank of America boosted their price objective on shares of Starbucks from $131.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Wedbush lowered their target price on shares of Starbucks from $112.00 to $105.00 in a report on Wednesday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $114.76.
Starbucks Stock Performance
Starbucks stock traded down $2.15 during midday trading on Tuesday, hitting $94.61. 1,524,783 shares of the company’s stock were exchanged, compared to its average volume of 6,205,047. Starbucks Co. has a 12 month low of $82.43 and a 12 month high of $115.48. The company has a market cap of $108.37 billion, a PE ratio of 29.50, a P/E/G ratio of 1.69 and a beta of 0.93. The firm has a 50-day moving average of $99.19 and a two-hundred day moving average of $101.43.
Starbucks (NASDAQ:SBUX – Get Free Report) last issued its quarterly earnings data 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 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 was up 12.5% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. As a group, equities analysts expect that Starbucks Co. will post 3.45 earnings per share for the current year.
Insider Activity at Starbucks
In other Starbucks 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 value of $68,307.40. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.98% of the stock is owned by corporate insiders.
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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