Sompo Asset Management Co. Ltd. Buys 350 Shares of Starbucks Co. (NASDAQ:SBUX)

Sompo Asset Management Co. Ltd. grew its stake in Starbucks Co. (NASDAQ:SBUX) by 5.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,760 shares of the coffee company’s stock after purchasing an additional 350 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Starbucks were worth $526,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SBUX. Summit Trail Advisors LLC increased its position in Starbucks by 27.0% during the second quarter. Summit Trail Advisors LLC now owns 16,672 shares of the coffee company’s stock worth $1,298,000 after acquiring an additional 3,549 shares during the period. Pacer Advisors Inc. increased its position in Starbucks by 0.9% during the second quarter. Pacer Advisors Inc. now owns 134,130 shares of the coffee company’s stock worth $10,442,000 after acquiring an additional 1,182 shares during the period. AE Wealth Management LLC increased its position in Starbucks by 42.1% during the second quarter. AE Wealth Management LLC now owns 23,099 shares of the coffee company’s stock worth $1,798,000 after acquiring an additional 6,841 shares during the period. Bridges Investment Management Inc. increased its position in Starbucks by 21.0% during the second quarter. Bridges Investment Management Inc. now owns 4,312 shares of the coffee company’s stock worth $336,000 after acquiring an additional 747 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in Starbucks by 27.9% during the second quarter. Canada Pension Plan Investment Board now owns 1,808,671 shares of the coffee company’s stock worth $140,805,000 after buying an additional 394,267 shares in the last quarter. 72.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on SBUX. Barclays increased their price objective on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Wedbush reiterated a “neutral” rating and set a $80.00 price objective on shares of Starbucks in a research note on Tuesday, August 13th. Bank of America increased their price objective on shares of Starbucks from $112.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $100.08.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $96.05 on Friday. The company has a 50 day simple moving average of $86.67 and a 200 day simple moving average of $84.04. The firm has a market cap 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 1 year low of $71.55 and a 1 year high of $107.66.

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

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction on Friday, September 6th. The stock was purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

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.