Abbrea Capital LLC Has $281,000 Stake in Starbucks Co. (SBUX)
Abbrea Capital LLC reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 22.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,225 shares of the coffee company’s stock after selling 1,490 shares during the period. Abbrea Capital LLC’s holdings in Starbucks were worth $281,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of SBUX. Janus Henderson Group PLC lifted its position in shares of Starbucks by 3,076.5% during the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock valued at $809,917,000 after buying an additional 13,452,551 shares in the last quarter. Parnassus Investments CA purchased a new position in shares of Starbucks during the 3rd quarter valued at about $498,863,000. Renaissance Technologies LLC lifted its position in shares of Starbucks by 539.2% during the 2nd quarter. Renaissance Technologies LLC now owns 3,918,784 shares of the coffee company’s stock valued at $228,504,000 after buying an additional 3,305,700 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Starbucks by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock valued at $5,505,491,000 after buying an additional 1,953,003 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Starbucks by 3,007.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,904,800 shares of the coffee company’s stock valued at $111,069,000 after buying an additional 1,843,500 shares in the last quarter. 70.67% of the stock is currently owned by hedge funds and other institutional investors.
SBUX has been the topic of several recent analyst reports. UBS Group decreased their target price on Starbucks from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Mizuho set a $75.00 target price on Starbucks and gave the company a “buy” rating in a research note on Wednesday, November 1st. Morgan Stanley lifted their target price on Starbucks from $62.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, November 10th. Vetr downgraded Starbucks from a “strong-buy” rating to a “buy” rating and set a $60.91 target price on the stock. in a research note on Thursday, November 2nd. Finally, Deutsche Bank decreased their target price on Starbucks to $62.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Starbucks has an average rating of “Buy” and a consensus price target of $63.23.
Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.55. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the previous year, the company posted $0.56 EPS. The company’s revenue was down .2% compared to the same quarter last year. sell-side analysts expect that Starbucks Co. will post 2.37 earnings per share for the current year.
In other news, Director Craig Weatherup sold 56,666 shares of Starbucks stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $56.73, for a total value of $3,214,662.18. Following the completion of the transaction, the director now owns 56,666 shares in the company, valued at approximately $3,214,662.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joshua Cooper Ramo sold 60,000 shares of Starbucks stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $59.43, for a total value of $3,565,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 497,808 shares of company stock valued at $28,559,521. Company insiders own 3.40% of the company’s stock.
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Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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