Iron Financial LLC Takes Position in Starbucks Co. (NASDAQ:SBUX)
Iron Financial LLC acquired a new stake in Starbucks Co. (NASDAQ:SBUX) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,849 shares of the coffee company’s stock, valued at approximately $252,000.
Several other hedge funds and other institutional investors have also bought and sold shares of SBUX. Brinker Capital Inc. increased its holdings in Starbucks by 12.7% during the third quarter. Brinker Capital Inc. now owns 28,414 shares of the coffee company’s stock worth $2,512,000 after buying an additional 3,197 shares during the last quarter. Candriam Luxembourg S.C.A. increased its holdings in shares of Starbucks by 3.9% in the third quarter. Candriam Luxembourg S.C.A. now owns 373,364 shares of the coffee company’s stock valued at $33,000 after purchasing an additional 14,069 shares during the last quarter. Whittier Trust Co. increased its holdings in shares of Starbucks by 2.4% in the third quarter. Whittier Trust Co. now owns 87,397 shares of the coffee company’s stock valued at $7,728,000 after purchasing an additional 2,072 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Starbucks by 3.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 60,204 shares of the coffee company’s stock valued at $5,323,000 after purchasing an additional 2,079 shares during the last quarter. Finally, Mechanics Bank Trust Department increased its holdings in shares of Starbucks by 256.6% in the third quarter. Mechanics Bank Trust Department now owns 14,544 shares of the coffee company’s stock valued at $1,285,000 after purchasing an additional 10,466 shares during the last quarter. Institutional investors own 70.76% of the company’s stock.
Several research firms have commented on SBUX. Stifel Nicolaus upped their price objective on shares of Starbucks from $86.00 to $90.00 and gave the company a “hold” rating in a report on Friday, July 26th. JPMorgan Chase & Co. downgraded shares of Starbucks from an “overweight” rating to a “neutral” rating in a report on Monday, July 29th. Citigroup began coverage on shares of Starbucks in a report on Wednesday, June 26th. They issued a “buy” rating and a $83.65 price objective on the stock. BidaskClub downgraded shares of Starbucks from a “buy” rating to a “hold” rating in a report on Friday, October 4th. Finally, Barclays upped their price objective on shares of Starbucks from $75.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $90.10.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.06. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the business posted $0.62 earnings per share. Starbucks’s revenue was up 8.1% compared to the same quarter last year. On average, equities analysts expect that Starbucks Co. will post 2.83 earnings per share for the current year.
In other news, Director Javier G. Teruel sold 59,838 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $96.92, for a total value of $5,799,498.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jill Walker sold 6,492 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $95.70, for a total transaction of $621,284.40. The disclosure for this sale can be found here. Insiders have sold 142,767 shares of company stock valued at $13,730,357 in the last ninety days. 3.98% of the stock is currently owned by company insiders.
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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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