Sit Investment Associates Inc. Sells 208,825 Shares of Starbucks Corp. (SBUX)
Sit Investment Associates Inc. lowered its stake in Starbucks Corp. (NASDAQ:SBUX) by 32.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 437,545 shares of the coffee company’s stock after selling 208,825 shares during the period. Sit Investment Associates Inc.’s holdings in Starbucks Corp. were worth $24,993,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in shares of Starbucks Corp. during the second quarter valued at approximately $123,000. Kistler Tiffany Companies LLC increased its position in shares of Starbucks Corp. by 138.4% in the second quarter. Kistler Tiffany Companies LLC now owns 2,556 shares of the coffee company’s stock valued at $146,000 after buying an additional 1,484 shares during the last quarter. Dubuque Bank & Trust Co. increased its position in shares of Starbucks Corp. by 9.7% in the first quarter. Dubuque Bank & Trust Co. now owns 2,954 shares of the coffee company’s stock valued at $176,000 after buying an additional 262 shares during the last quarter. Maryland Capital Management bought a new position in shares of Starbucks Corp. during the first quarter valued at approximately $201,000. Finally, Community Bank N.A. increased its position in shares of Starbucks Corp. by 4.6% in the second quarter. Community Bank N.A. now owns 3,383 shares of the coffee company’s stock valued at $193,000 after buying an additional 150 shares during the last quarter. 68.13% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Corp. (NASDAQ:SBUX) traded down 0.06% on Monday, reaching $53.43. The company had a trading volume of 4,615,319 shares. The stock has a market capitalization of $78.36 billion, a PE ratio of 30.02 and a beta of 0.83. Starbucks Corp. has a 12-month low of $52.63 and a 12-month high of $64.00. The stock’s 50 day moving average price is $54.84 and its 200-day moving average price is $56.43.
Starbucks Corp. (NASDAQ:SBUX) last issued its earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. Starbucks Corp. had a net margin of 13.01% and a return on equity of 46.89%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.34 billion. Equities analysts expect that Starbucks Corp. will post $1.89 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on SBUX shares. Deutsche Bank AG set a $64.00 price objective on Starbucks Corp. and gave the stock a “hold” rating in a research report on Sunday, July 24th. Vetr lowered Starbucks Corp. from a “strong-buy” rating to a “buy” rating and set a $62.76 price objective for the company. in a research report on Monday, July 11th. Cowen and Company reissued a “buy” rating on shares of Starbucks Corp. in a research report on Monday, July 18th. Piper Jaffray Cos. reissued an “outperform” rating and issued a $72.00 price objective on shares of Starbucks Corp. in a research report on Friday, July 22nd. Finally, Wedbush reissued an “outperform” rating and issued a $70.00 price objective on shares of Starbucks Corp. in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $66.54.
In related news, Director Myron E. Ullman III sold 12,654 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $58.70, for a total value of $742,789.80. Following the sale, the director now owns 26,654 shares in the company, valued at $1,564,589.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.38% of the stock is currently owned by corporate insiders.
Starbucks Corp. Company Profile
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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