BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 81,233 Shares of Starbucks Co. (NASDAQ:SBUX)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Starbucks Co. (NASDAQ:SBUX) by 59.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 216,867 shares of the coffee company’s stock after purchasing an additional 81,233 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Starbucks were worth $16,883,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Gryphon Financial Partners LLC increased its position in Starbucks by 96.3% in the fourth quarter. Gryphon Financial Partners LLC now owns 5,213 shares of the coffee company’s stock worth $508,000 after purchasing an additional 2,558 shares during the last quarter. TrinityPoint Wealth LLC bought a new stake in shares of Starbucks in the 4th quarter worth about $230,000. Congress Wealth Management LLC DE raised its position in shares of Starbucks by 115.4% during the 4th quarter. Congress Wealth Management LLC DE now owns 15,961 shares of the coffee company’s stock valued at $1,533,000 after buying an additional 8,551 shares in the last quarter. 3Chopt Investment Partners LLC bought a new position in shares of Starbucks in the 4th quarter valued at about $498,000. Finally, CAP Partners LLC purchased a new position in Starbucks in the fourth quarter worth about $213,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on 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 owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by company insiders.

Starbucks Stock Performance

NASDAQ:SBUX opened at $94.45 on Wednesday. The firm has a 50-day simple moving average of $87.50 and a 200-day simple moving average of $84.04. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm has a market cap of $107.03 billion, a P/E ratio of 26.02, a P/E/G ratio of 2.29 and a beta of 0.96.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SBUX shares. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $80.00 to $120.00 in a research report on Wednesday, August 14th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and increased their price target for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft upgraded 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. Finally, DZ Bank lowered shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price for the company. in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.92.

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.