HHR Asset Management LLC lessened its holdings in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 13.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 280,020 shares of the coffee company’s stock after selling 43,123 shares during the quarter. Starbucks accounts for approximately 4.6% of HHR Asset Management LLC’s holdings, making the stock its 10th largest holding. HHR Asset Management LLC’s holdings in Starbucks were worth $25,474,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of SBUX. Steward Financial Group LLC acquired a new stake in shares of Starbucks during the fourth quarter worth about $25,000. PYA Waltman Capital LLC purchased a new position in Starbucks during the fourth quarter valued at approximately $25,000. Rational Advisors LLC raised its position in Starbucks by 141.4% during the fourth quarter. Rational Advisors LLC now owns 210 shares of the coffee company’s stock valued at $25,000 after acquiring an additional 123 shares in the last quarter. Guardian Wealth Management Inc. purchased a new position in Starbucks during the fourth quarter valued at approximately $25,000. Finally, Bromfield Sneider Wealth Advisors purchased a new position in Starbucks during the first quarter valued at approximately $25,000. 69.21% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Howard D. Schultz bought 137,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The stock was purchased at an average cost of $72.67 per share, with a total value of $9,992,125.00. Following the transaction, the chief executive officer now directly owns 19,534,460 shares in the company, valued at $1,419,569,208.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Howard D. Schultz acquired 72,500 shares of the firm’s stock in a transaction on Thursday, May 12th. The shares were bought at an average cost of $68.85 per share, with a total value of $4,991,625.00. Following the completion of the transaction, the chief executive officer now directly owns 19,606,960 shares in the company, valued at approximately $1,349,939,196. The disclosure for this purchase can be found here. 0.27% of the stock is owned by corporate insiders.
Starbucks (NASDAQ:SBUX – Get Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The coffee company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $7.64 billion during the quarter, compared to analysts’ expectations of $7.60 billion. Starbucks had a net margin of 14.07% and a negative return on equity of 53.43%. Starbucks’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 EPS. Sell-side analysts expect that Starbucks Co. will post 2.89 EPS for the current fiscal year.
Several brokerages recently weighed in on SBUX. Cowen reduced their price target on Starbucks from $115.00 to $94.00 in a research report on Wednesday, May 4th. BTIG Research reduced their price target on Starbucks from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, April 20th. Wedbush cut Starbucks from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $105.00 to $91.00 in a research report on Tuesday, April 5th. BMO Capital Markets cut their price objective on Starbucks from $115.00 to $105.00 in a research report on Wednesday, May 4th. Finally, StockNews.com cut Starbucks from a “buy” rating to a “hold” rating in a research report on Thursday, May 12th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $102.72.
Starbucks Company Profile (Get Rating)
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
- Get a free copy of the StockNews.com research report on Starbucks (SBUX)
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