Centric Wealth Management Has $244,000 Holdings in Starbucks Co. (NASDAQ:SBUX)

Centric Wealth Management cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 16.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,676 shares of the coffee company’s stock after selling 529 shares during the period. Centric Wealth Management’s holdings in Starbucks were worth $244,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Norges Bank bought a new position in shares of Starbucks during the 4th quarter worth approximately $1,244,812,000. Wellington Management Group LLP lifted its position in shares of Starbucks by 100.6% during the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock valued at $1,476,967,000 after acquiring an additional 7,598,146 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Starbucks during the 4th quarter valued at $284,283,000. Assenagon Asset Management S.A. boosted its position in shares of Starbucks by 1,491.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock worth $256,282,000 after purchasing an additional 2,632,087 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of Starbucks during the third quarter valued at approximately $126,574,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SBUX shares. Barclays upped their price target on Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Wells Fargo & Company increased their target price on shares of Starbucks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 25th. UBS Group raised their price objective on shares of Starbucks from $98.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $115.00 price target on shares of Starbucks in a report on Friday, January 24th. Finally, BMO Capital Markets upped their price target on shares of Starbucks from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $106.12.

Starbucks Trading Up 0.4 %

Starbucks stock opened at $98.09 on Tuesday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $117.46. The company has a market capitalization of $111.42 billion, a price-to-earnings ratio of 31.64, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99. The business’s fifty day simple moving average is $105.81 and its two-hundred day simple moving average is $99.54.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period in the previous year, the business posted $0.90 EPS. On average, equities research analysts predict that Starbucks Co. will post 2.99 EPS for the current year.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of 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.