Commerzbank Aktiengesellschaft FI cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 17.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 287,905 shares of the coffee company’s stock after selling 61,038 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Starbucks were worth $25,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. First American Trust FSB purchased a new stake in shares of Starbucks in the second quarter worth approximately $212,000. OneAscent Financial Services LLC purchased a new stake in shares of Starbucks in the second quarter worth approximately $956,000. KBC Group NV raised its holdings in shares of Starbucks by 30.6% in the second quarter. KBC Group NV now owns 958,914 shares of the coffee company’s stock worth $80,385,000 after buying an additional 224,640 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Starbucks by 0.5% in the second quarter. Janney Montgomery Scott LLC now owns 209,160 shares of the coffee company’s stock worth $17,534,000 after buying an additional 1,046 shares during the period. Finally, CWM LLC raised its holdings in shares of Starbucks by 4.8% in the second quarter. CWM LLC now owns 21,200 shares of the coffee company’s stock worth $1,777,000 after buying an additional 963 shares during the period. Institutional investors and hedge funds own 70.80% of the company’s stock.
NASDAQ:SBUX traded down $0.16 during midday trading on Thursday, hitting $86.55. The stock had a trading volume of 2,200,617 shares, compared to its average volume of 6,007,393. Starbucks Co. has a one year low of $57.39 and a one year high of $99.72. The company has a market capitalization of $103.68 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 2.12 and a beta of 0.53. The stock has a 50-day moving average of $90.46 and a 200 day moving average of $85.59.
Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.06. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the firm earned $0.62 earnings per share. Starbucks’s revenue was up 8.1% compared to the same quarter last year. As a group, research analysts predict that Starbucks Co. will post 2.83 EPS for the current year.
Several brokerages have recently weighed in on SBUX. Telsey Advisory Group reiterated a “market perform” rating and issued a $90.00 price target (up from $80.00) on shares of Starbucks in a report on Friday, July 26th. Credit Suisse Group began coverage on Starbucks in a report on Tuesday, June 25th. They issued an “outperform” rating and a $92.00 price target on the stock. KeyCorp increased their price target on Starbucks from $84.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. ValuEngine downgraded Starbucks from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Stifel Nicolaus increased their price target on Starbucks from $86.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $90.10.
In other Starbucks news, insider Kevin R. Johnson sold 23,390 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $98.32, for a total transaction of $2,299,704.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Jill Walker sold 6,492 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $95.70, for a total value of $621,284.40. The disclosure for this sale can be found here. In the last three months, insiders sold 142,767 shares of company stock worth $13,730,357. 3.98% of the stock is owned by insiders.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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