AMI Asset Management Corp Trims Position in Starbucks Corporation (NASDAQ:SBUX)

AMI Asset Management Corp trimmed its position in Starbucks Corporation (NASDAQ:SBUX) by 5.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 324,156 shares of the coffee company’s stock after selling 19,054 shares during the period. Starbucks accounts for 1.9% of AMI Asset Management Corp’s portfolio, making the stock its 26th biggest position. AMI Asset Management Corp’s holdings in Starbucks were worth $31,796,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Norges Bank bought a new stake in Starbucks in the fourth quarter worth $1,244,812,000. Capital World Investors boosted its holdings in Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock worth $5,011,796,000 after acquiring an additional 9,174,682 shares in the last quarter. FMR LLC boosted its holdings in Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Starbucks by 167.6% during the fourth quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock valued at $519,230,000 after purchasing an additional 3,563,942 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Starbucks during the fourth quarter valued at $284,283,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Jefferies Financial Group raised Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective on the stock in a research report on Wednesday, April 9th. Citigroup lifted their price objective on Starbucks from $84.00 to $95.00 and gave the stock a “neutral” rating in a research note on Thursday, June 12th. Cowen reiterated a “hold” rating on shares of Starbucks in a report on Tuesday. Baird R W lowered Starbucks from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 7th. Finally, Robert W. Baird reissued a “neutral” rating and set a $85.00 price target (down from $114.00) on shares of Starbucks in a research note on Monday, April 7th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $98.36.

Starbucks Stock Performance

Shares of Starbucks stock opened at $91.10 on Thursday. The firm has a market capitalization of $103.53 billion, a price-to-earnings ratio of 33.01, a PEG ratio of 4.66 and a beta of 1.00. Starbucks Corporation has a fifty-two week low of $71.55 and a fifty-two week high of $117.46. The stock has a 50 day moving average of $86.38 and a 200 day moving average of $94.44.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.10). The business had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.90 billion. Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 earnings per share. Analysts forecast that Starbucks Corporation will post 2.99 EPS for the current year.

About Starbucks

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.