Waters Parkerson & CO. LLC Cuts Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Waters Parkerson & CO. LLC lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,718 shares of the coffee company’s stock after selling 150 shares during the period. Waters Parkerson & CO. LLC’s holdings in Starbucks were worth $289,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Bridges Investment Management Inc. raised its holdings in Starbucks by 21.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 4,312 shares of the coffee company’s stock valued at $336,000 after buying an additional 747 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Starbucks by 27.9% in the second quarter. Canada Pension Plan Investment Board now owns 1,808,671 shares of the coffee company’s stock valued at $140,805,000 after acquiring an additional 394,267 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in shares of Starbucks by 9.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 115,435 shares of the coffee company’s stock valued at $8,987,000 after acquiring an additional 9,753 shares during the last quarter. Brighton Jones LLC boosted its holdings in shares of Starbucks by 3.9% during the second quarter. Brighton Jones LLC now owns 154,017 shares of the coffee company’s stock worth $11,990,000 after purchasing an additional 5,715 shares during the period. Finally, Intech Investment Management LLC grew its stake in shares of Starbucks by 4.1% in the second quarter. Intech Investment Management LLC now owns 1,000,848 shares of the coffee company’s stock worth $77,916,000 after purchasing an additional 38,961 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Insider Activity

In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of Starbucks stock opened at $96.05 on Friday. The company has a 50-day simple moving average of $86.67 and a two-hundred day simple moving average of $84.09. The stock has a market capitalization of $108.84 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same period in the previous year, the business earned $1.00 EPS. The firm’s revenue for the quarter was down .6% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Co. will post 3.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SBUX. JPMorgan Chase & Co. dropped their price objective on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Bank of America raised their price target on Starbucks from $112.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Jefferies Financial Group dropped their target price on shares of Starbucks from $84.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Finally, BMO Capital Markets boosted their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.08.

Starbucks Company 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.