Great West Life Assurance Co. Can Sells 89,990 Shares of Starbucks Co. (NASDAQ:SBUX)

Great West Life Assurance Co. Can lessened its position in Starbucks Co. (NASDAQ:SBUX) by 7.7% in the 2nd quarter, Holdings Channel reports. The firm owned 1,079,132 shares of the coffee company’s stock after selling 89,990 shares during the period. Great West Life Assurance Co. Can’s holdings in Starbucks were worth $120,601,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SBUX. Thompson Siegel & Walmsley LLC increased its stake in Starbucks by 235.8% in the first quarter. Thompson Siegel & Walmsley LLC now owns 319 shares of the coffee company’s stock valued at $35,000 after purchasing an additional 224 shares in the last quarter. Brasada Capital Management LP increased its position in shares of Starbucks by 12.5% during the first quarter. Brasada Capital Management LP now owns 9,000 shares of the coffee company’s stock worth $983,000 after acquiring an additional 1,000 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Starbucks by 3.2% during the first quarter. Advisors Asset Management Inc. now owns 276,845 shares of the coffee company’s stock worth $30,251,000 after acquiring an additional 8,600 shares in the last quarter. Doyle Wealth Management increased its position in shares of Starbucks by 0.9% during the first quarter. Doyle Wealth Management now owns 90,768 shares of the coffee company’s stock worth $9,918,000 after acquiring an additional 772 shares in the last quarter. Finally, PAX Financial Group LLC increased its position in shares of Starbucks by 9.7% during the first quarter. PAX Financial Group LLC now owns 13,480 shares of the coffee company’s stock worth $1,473,000 after acquiring an additional 1,190 shares in the last quarter. 68.27% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:SBUX traded up $1.38 during mid-day trading on Wednesday, reaching $113.60. 139,586 shares of the company’s stock were exchanged, compared to its average volume of 5,920,020. Starbucks Co. has a one year low of $81.92 and a one year high of $126.32. The firm has a market capitalization of $133.95 billion, a PE ratio of 46.95, a price-to-earnings-growth ratio of 3.06 and a beta of 0.88. The business’s fifty day simple moving average is $117.77 and its two-hundred day simple moving average is $114.26.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Monday, July 26th. The coffee company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.23. Starbucks had a net margin of 10.43% and a negative return on equity of 43.16%. The business had revenue of $7.50 billion for the quarter, compared to analyst estimates of $7.26 billion. During the same period last year, the firm earned ($0.46) earnings per share. Starbucks’s revenue for the quarter was up 77.6% compared to the same quarter last year. As a group, analysts expect that Starbucks Co. will post 3.25 earnings per share for the current fiscal year.

In other Starbucks news, COO John Culver sold 148,619 shares of the firm’s stock in a transaction dated Friday, August 6th. The shares were sold at an average price of $119.00, for a total value of $17,685,661.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Kevin R. Johnson sold 359,177 shares of the firm’s stock in a transaction dated Thursday, July 29th. The shares were sold at an average price of $122.81, for a total transaction of $44,110,527.37. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by company insiders.

Several brokerages have recently issued reports on SBUX. Royal Bank of Canada increased their price objective on shares of Starbucks from $134.00 to $136.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 28th. Guggenheim began coverage on shares of Starbucks in a research report on Monday, July 26th. They issued a “neutral” rating and a $125.00 target price for the company. Cowen raised their target price on shares of Starbucks from $126.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, July 28th. Piper Sandler raised their target price on shares of Starbucks from $104.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, July 28th. Finally, Barclays raised their target price on shares of Starbucks from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, July 28th. Nine analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $126.37.

About Starbucks

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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