Sit Investment Associates Inc. decreased its stake in Starbucks Corp. (NASDAQ:SBUX) by 32.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 437,545 shares of the coffee company’s stock after selling 208,825 shares during the period. Sit Investment Associates Inc.’s holdings in Starbucks Corp. were worth $24,993,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Starbucks Corp. during the second quarter valued at $123,000. Kistler Tiffany Companies LLC boosted its position in shares of Starbucks Corp. by 138.4% in the second quarter. Kistler Tiffany Companies LLC now owns 2,556 shares of the coffee company’s stock valued at $146,000 after buying an additional 1,484 shares in the last quarter. Dubuque Bank & Trust Co. boosted its position in shares of Starbucks Corp. by 9.7% in the first quarter. Dubuque Bank & Trust Co. now owns 2,954 shares of the coffee company’s stock valued at $176,000 after buying an additional 262 shares in the last quarter. Maryland Capital Management acquired a new position in shares of Starbucks Corp. during the first quarter valued at $201,000. Finally, Community Bank N.A. boosted its position in shares of Starbucks Corp. by 4.6% in the second quarter. Community Bank N.A. now owns 3,383 shares of the coffee company’s stock valued at $193,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.
Shares of Starbucks Corp. (NASDAQ:SBUX) traded down 0.06% on Monday, reaching $53.43. 4,615,319 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $54.84 and a 200 day moving average of $56.43. The firm has a market capitalization of $78.36 billion, a P/E ratio of 30.02 and a beta of 0.83. Starbucks Corp. has a one year low of $52.63 and a one year high of $64.00.
Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.49. Starbucks Corp. had a net margin of 13.01% and a return on equity of 46.89%. The business earned $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. On average, equities research analysts predict that Starbucks Corp. will post $1.89 EPS for the current year.
Several research analysts have recently weighed in on the stock. Deutsche Bank AG set a $64.00 price target on shares of Starbucks Corp. and gave the stock a “hold” rating in a research note on Sunday, July 24th. Vetr cut shares of Starbucks Corp. from a “strong-buy” rating to a “buy” rating and set a $62.76 price target on the stock. in a research note on Monday, July 11th. Cowen and Company restated a “buy” rating on shares of Starbucks Corp. in a research note on Monday, July 18th. Piper Jaffray Cos. restated an “outperform” rating and set a $72.00 target price on shares of Starbucks Corp. in a research note on Friday, July 22nd. Finally, Wedbush restated an “outperform” rating and set a $70.00 target price on shares of Starbucks Corp. in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $66.54.
In other news, Director Myron E. Ullman III sold 12,654 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $58.70, for a total value of $742,789.80. Following the completion of the transaction, the director now owns 26,654 shares of the company’s stock, valued at $1,564,589.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 3.38% of the company’s stock.
Starbucks Corp. Company Profile
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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