Meridian Investment Counsel Inc. Lowers Holdings in Starbucks Corporation $SBUX

Meridian Investment Counsel Inc. trimmed its holdings in Starbucks Corporation (NASDAQ:SBUX) by 15.3% during the 2nd quarter, Holdings Channel.com reports. The fund owned 3,921 shares of the coffee company’s stock after selling 707 shares during the period. Meridian Investment Counsel Inc.’s holdings in Starbucks were worth $359,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. State of Alaska Department of Revenue lifted its position in shares of Starbucks by 11.3% in the second quarter. State of Alaska Department of Revenue now owns 148,129 shares of the coffee company’s stock valued at $13,572,000 after acquiring an additional 15,090 shares in the last quarter. Cove Private Wealth LLC lifted its position in shares of Starbucks by 22.7% in the second quarter. Cove Private Wealth LLC now owns 4,236 shares of the coffee company’s stock valued at $388,000 after acquiring an additional 784 shares in the last quarter. Patton Fund Management Inc. purchased a new position in shares of Starbucks in the second quarter valued at about $241,000. Kathmere Capital Management LLC lifted its position in shares of Starbucks by 12.7% in the second quarter. Kathmere Capital Management LLC now owns 2,884 shares of the coffee company’s stock valued at $264,000 after acquiring an additional 325 shares in the last quarter. Finally, True North Advisors LLC lifted its position in shares of Starbucks by 34.1% in the second quarter. True North Advisors LLC now owns 6,899 shares of the coffee company’s stock worth $632,000 after buying an additional 1,754 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on SBUX. TD Securities reiterated a “hold” rating and issued a $90.00 target price on shares of Starbucks in a research report on Monday, June 23rd. Sanford C. Bernstein boosted their target price on Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company boosted their target price on Starbucks from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.40.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $83.39 on Friday. The business’s 50 day moving average is $88.48 and its two-hundred day moving average is $89.04. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The stock has a market capitalization of $94.79 billion, a P/E ratio of 35.94, a PEG ratio of 5.01 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks Profile

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.