Renaissance Technologies LLC Takes $27.82 Million Position in Starbucks Co. (SBUX)

Renaissance Technologies LLC acquired a new stake in Starbucks Co. (NASDAQ:SBUX) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 484,384 shares of the coffee company’s stock, valued at approximately $27,818,000.

Several other hedge funds have also recently added to or reduced their stakes in SBUX. Rainier Group Investment Advisory LLC increased its position in shares of Starbucks by 9.5% during the second quarter. Rainier Group Investment Advisory LLC now owns 9,274 shares of the coffee company’s stock valued at $541,000 after buying an additional 804 shares during the period. Balentine LLC increased its position in shares of Starbucks by 4.2% during the second quarter. Balentine LLC now owns 2,725 shares of the coffee company’s stock valued at $159,000 after buying an additional 110 shares during the period. Coldstream Capital Management Inc. increased its position in shares of Starbucks by 4.8% during the second quarter. Coldstream Capital Management Inc. now owns 205,569 shares of the coffee company’s stock valued at $11,987,000 after buying an additional 9,361 shares during the period. Osher Van de Voorde Investment Management purchased a new position in shares of Starbucks during the second quarter valued at about $816,000. Finally, Highland Private Wealth Management increased its position in shares of Starbucks by 16.9% during the second quarter. Highland Private Wealth Management now owns 21,319 shares of the coffee company’s stock valued at $1,243,000 after buying an additional 3,080 shares during the period. Hedge funds and other institutional investors own 73.52% of the company’s stock.

How to Become a New Pot Stock Millionaire

Several brokerages recently issued reports on SBUX. Vetr upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $59.39 price target on the stock in a research report on Tuesday, April 3rd. Zacks Investment Research cut shares of Starbucks from a “hold” rating to a “sell” rating in a research report on Tuesday, April 3rd. BidaskClub upgraded shares of Starbucks from a “hold” rating to a “buy” rating in a research report on Friday, March 30th. Wedbush cut shares of Starbucks from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $70.00 to $56.00 in a research report on Thursday, March 29th. Finally, UBS set a $66.00 price target on shares of Starbucks and gave the company a “buy” rating in a research report on Thursday, March 15th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $64.05.

In other news, insider Clifford Burrows sold 162,826 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $57.02, for a total value of $9,284,338.52. Following the transaction, the insider now owns 331,829 shares in the company, valued at $18,920,889.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Myron E. Ullman III sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.52, for a total transaction of $1,363,000.00. Following the completion of the transaction, the director now owns 39,000 shares in the company, valued at approximately $2,126,280. The disclosure for this sale can be found here. In the last quarter, insiders sold 247,664 shares of company stock worth $14,243,602. Insiders own 3.40% of the company’s stock.

NASDAQ:SBUX opened at $58.34 on Monday. Starbucks Co. has a one year low of $52.58 and a one year high of $64.87. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.81 and a current ratio of 1.01. The stock has a market cap of $82,002.70, a P/E ratio of 28.32, a price-to-earnings-growth ratio of 1.62 and a beta of 0.64.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, January 25th. The coffee company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.57 by $0.01. Starbucks had a net margin of 19.28% and a return on equity of 56.35%. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Starbucks’s quarterly revenue was up 5.9% on a year-over-year basis. research analysts anticipate that Starbucks Co. will post 2.49 EPS for the current fiscal year.

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About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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