Griffin Asset Management Inc. raised its position in Starbucks Co. (NASDAQ:SBUX) by 10.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,637 shares of the coffee company’s stock after buying an additional 5,553 shares during the quarter. Griffin Asset Management Inc.’s holdings in Starbucks were worth $2,816,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Loomis Sayles & Co. L P increased its holdings in shares of Starbucks by 78,447.7% in the first quarter. Loomis Sayles & Co. L P now owns 2,634,489 shares of the coffee company’s stock valued at $152,510,000 after purchasing an additional 2,631,135 shares during the period. Parnassus Investments CA increased its holdings in shares of Starbucks by 26.8% in the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock valued at $588,767,000 after purchasing an additional 2,543,697 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Starbucks in the second quarter valued at approximately $105,420,000. Magellan Asset Management Ltd increased its holdings in shares of Starbucks by 5.2% in the second quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock valued at $1,582,355,000 after purchasing an additional 1,613,187 shares during the period. Finally, Fiera Capital Corp increased its holdings in shares of Starbucks by 3,492.3% in the second quarter. Fiera Capital Corp now owns 1,274,578 shares of the coffee company’s stock valued at $62,262,000 after purchasing an additional 1,239,097 shares during the period. Institutional investors own 71.90% of the company’s stock.
SBUX traded down $0.13 during trading on Friday, reaching $55.76. 9,731,163 shares of the stock were exchanged, compared to its average volume of 10,401,581. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.76 and a current ratio of 1.01. The company has a market cap of $76.68 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 1.69 and a beta of 0.60. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $61.94.
Starbucks (NASDAQ:SBUX) last posted its earnings results on Thursday, July 26th. The coffee company reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. The company had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $6.25 billion. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. Starbucks’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 earnings per share. On average, analysts predict that Starbucks Co. will post 2.4 EPS for the current fiscal year.
In related news, insider Rosalind G. Brewer acquired 5,000 shares of Starbucks stock in a transaction dated Monday, August 20th. The shares were acquired at an average cost of $54.04 per share, for a total transaction of $270,200.00. Following the completion of the transaction, the insider now directly owns 7,302 shares of the company’s stock, valued at $394,600.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Javier G. Teruel sold 166,666 shares of the company’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $52.70, for a total value of $8,783,298.20. The disclosure for this sale can be found here. Insiders sold 295,832 shares of company stock worth $15,834,037 over the last 90 days. Company insiders own 3.48% of the company’s stock.
A number of research firms have recently issued reports on SBUX. BMO Capital Markets set a $51.00 target price on Starbucks and gave the company a “hold” rating in a report on Monday, July 23rd. Barclays dropped their target price on Starbucks from $60.00 to $57.00 and set a “$51.15” rating on the stock in a report on Wednesday, July 18th. Telsey Advisory Group dropped their price objective on Starbucks from $60.00 to $58.00 and set a “market perform” rating on the stock in a report on Tuesday, July 17th. BidaskClub lowered Starbucks from a “hold” rating to a “sell” rating in a report on Wednesday, June 13th. Finally, Stifel Nicolaus dropped their price objective on Starbucks from $58.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 20th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have given a buy rating to the company. Starbucks presently has an average rating of “Hold” and a consensus target price of $60.21.
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.
Further Reading: Diversification Important in Investing
Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.